By Kapil Rajyguru
GameStop Raising $1.3bn Via Convertible Debt To Buy Bitcoin
GameStop is offering $1.3 billion in convertible notes with a 0% coupon, with net proceeds expected to be used for acquiring bitcoin.
The $1.3 billion of convertible senior notes will have a five-year maturity, according to a press release, and the underwriter greenshoe is for up to an additional $200 million.
Led by Ryan Cohen, GameStop is taking a page from Michael Saylor’s Strategy, which has raised many billions via convertible debt for the purposes of building its bitcoin stack.
Ethereum’s Final Pectra Test Goes Live on Hoodi Network
The final planned test of Ethereum’s Pectra upgrade took place Wednesday on the new Hoodi testnet. Two previous tests on the Holesky and Sepolia test networks failed to finalize properly.
The upgrade is the biggest to hit Ethereum in over a year, focused on developer experience improvements and ease-of-use changes.
Developers plan to activate Pectra on Ethereum’s main network in about 30 days, pending continued testing.
Bitcoin Mining Stocks Down After Microsoft Scraps Data Center Plans
Bitcoin mining stocks are down after tech giant Microsoft reportedly scrapped plans to invest in new artificial intelligence data centers in the US and Europe, citing a potential oversupply, according to a report by Bloomberg and data from Google Finance.
Shares of crypto miners Bitfarms, CleanSpark, Core Scientific, Hut 8, Marathon Digital and Riot dropped between 4% and 12% in tandem with the news, the data showed.
Wyoming State Gears Towards Launching a Stablecoin This Year
Wyoming is planning to launch a stablecoin, potentially the first fiat-backed token issued by a public entity in the U.S., by July.
The Wyoming Stable Token (WYST) is currently being tested on multiple platforms, including Avalanche, Solana, and Ethereum, in collaboration with blockchain interoperability firm LayerZero.
Stablecoins, blockchain-based tokens with a fixed price predominantly to the U.S. dollar, are gaining popularity for payments and remittances, with a market value of nearly $230 billion.
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