GameStop Swaps $1.4 Billion in Notes for Stock Amid Bitcoin Collateral Risk

GameStop has agreed to swap $1.4 billion of zero-coupon convertible notes for stock, which would retire about one-third of its note principal if it closes.

The deal covers about $400 million of notes due in 2030 and $1 billion due in 2032. If the transaction closes, GameStop would have about $1.1 billion of the 2030 notes and $1.7 billion of the 2032 notes remaining.

The exchange will be determined by a 35-consecutive-trading-day volume-weighted average price period that began August 3, 2026. A minimum per-share price also applies, but its value remains undisclosed.