I would have recommended that #GME buy a significant supply of #bitcoin first with a part of their $4.5B+ as a treasury reserve asset, but here we are.
Otherwise, they will likely follow the #MSTR playbook to a tee.
Milking the public bond and equity markets to buy #bitcoin... You love to see it.
I'm here for it.
Onward and upward as Bitcoin consumes Wall Street from the inside out.
Why not both? Issue the convertible bonds and use cash on hand to buy a big bag up front.....
Interest rates on cash?
Also maybe they think the convertible bond market will become crowded soon, so they're getting some while they can, without spending the cash
Why didn’t they buy coins first?
Market has reacted. Hopefully they change their mind and announce purchases soon
It’s hard to tell what will happen when not enough supply will satisfy the demand
Yes, but the interest rate they get on their cash is greater than the interest rate they have to pay out on the bond.
Let me guess, they will "custody" at Coinbase?
Market didn't seem too happy with the announcement
Might pick up a few more while cheap
Pretty big miss imo
Who is going to buy that debt? They have zero Bitcoin as of now
Shouldn’t companies just focus on be profitable and saving that money in bitcoin instead of taking on debt. Or am I missing something.
It's a 0% convert so no interest payments and it likely converts to equity anyway
Do you think it will be fully subscribed?
The comments on that post are hilarious. As Jeff Walton says "bitcoin bewilderment is intensifying".
Would add to sentiment if they throw a few billion of their cash in + the CB.
GME HODLers about to find out what the CB arbitrage does w an initial dip in price due to their up front short hedges.
I’m here for it
Maybe they did
