GameStop drops after $1.75 bln convertible debt deal announced

GameStop's GME.N shares down 10% in extended trading to $25.70 as video-game retailer looks to raise capital

Grapevine, Texas-based co announces private offering of $1.75 bln 0% 7-yr convertible bonds

It says intends to use net proceeds for general purposes, including making investments in "a manner consistent with GameStop's Investment Policy" and potential acquisitions

GME shares on Weds fell 5.3% to $28.55 as qtrly rev declined as consumers increasingly favor digital downloads over purchases at its brick-and-mortar stores

It also disclosed buying 4,710 bitcoins between May 3-June 10 for cash. In Mar, co said its board approved the addition of bitcoin as a treasury reserve asset

Co has ~$12.8 bln market cap, per LSEG data

Through Weds close, stock down ~9% YTD