** GameStop’s GME shares dropped 7% pre-market to $26.38 as the company looks to raise capital for bitcoin purchases 
BTCUSD
** The video game retailer announced late Wednesday that it is privately offering $1.3 billion in 0% 5-year convertible bonds (CBs)
** GME shares rose nearly 12% on Wednesday after the company reported its Q4 results and announced plans to include cryptocurrency as a treasury reserve asset
** GameStop’s strategy shift resembles that of Strategy 
MSTR, which has frequently accessed capital markets to accumulate bitcoin
** As of February 3, GameStop held $4.77 billion in cash, largely obtained through ATM (“at-the-market”) equity sales
** The company had a market capitalization of approximately $12.7 billion through Wednesday, according to LSEG data
** The conversion premium for the CBs will be based on the stock’s VWAP (volume weighted average price) from 1:00 p.m. to 4:00 p.m. ET on Thursday
** As of Wednesday, the stock is down 9.5% year-to-date. A year prior, shares closed at $13.17
