GameStop jumps 12% after Bitcoin purchase plans

GameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin (BTC).

The company plans to finance the purchase through debt financing. After markets closed on March 26, GameStop announced a $1.3 billion convertible notes offering.

The convertible senior notes — debt that can later be converted into equity — will be used for general corporate purposes, including acquiring Bitcoin, according to a company statement.

“GameStop expects to use the net…