GameStop (GME) has priced its $1.3 billion private offering of convertible senior notes at a conversion price of $29.85 per share, reflecting a 35% premium over its Thursday closing price of $22.09.

The zero-coupon notes, set to mature in 2030, mark a key part of GameStop’s plan to add bitcoin (BTC) to its balance sheet—an unconventional move for the video game retailer. Each $1,000 note converts into 33.4970 shares.

The announcement triggered a sharp market reaction, with GME stock sliding over 22% on Thursday as investors weighed the risks of the company’s pivot toward crypto assets. CEO Ryan Cohen defended the strategy as a long-term play to utilize cash reserves more aggressively.

If fully executed, the offering would make GameStop the fourth-largest corporate holder of bitcoin, trailing Riot Platforms and surpassing Tesla in BTC exposure.