GameStop announced Tuesday it plans to raise $1.3 billion through a private sale of 0.00% Convertible Senior Notes due 2030, with a clear intent to use part of the cash to buy Bitcoin. The company’s board signed off on the decision the same day,

The company’s stock famously surged as much as 2,000% in 2021, when trader Keith Gill, otherwise known as "Roaring Kitty," drove up the stock through posts on Reddit and YouTube. In June 2024, GameStop’s shares soared nearly 50% as Gill said he was still a "believer" in GameStop, posting a screenshot of what appeared to be a $116 million stake.