GameStop raises another $450 million, which may be used to purchase BTC
PANews June 26 news, according to CoinDesk, game retailer GameStop disclosed in a document submitted to the US SEC on Tuesday that it raised another $450 million through convertible bond over-allotment rights, bringing its total bond issuance in mid-June to $2.7 billion. According to SEC documents, this batch of zero-interest bonds due in 2032 can be converted into common stock, and the conversion price is 32.5% higher than the weighted average price on June 12.
The funds will be used for company operations and asset allocation in line with investment policies, including continuing to increase holdings of Bitcoin as a reserve asset. Since launching its Bitcoin financial strategy in March, GameStop has spent approximately $500 million to purchase 4,710 Bitcoins in May.
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Wormhole token soars following tokenomics overhaul, W reserve launch
Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more