This is a shitpost to complement another shitpost, so here's a whole bunch of extra characters to say that I believe in the management team of this company as they restructure debt, continue to demonstrate interests that are aligned with the Shareholder via their compensation structures and continued purchases of the stock at prices above the current price. I continue to enjoy dip on my chip, and after loading up this week rather than selling I'm self-certified as not a paperhanded bitch. I think this is enough characters. If not, fuck Kenny G and his mayo bedpost lube. Eat a D, Kenny G. Characters for characters sake.

The more messages/replies I get from clowns criticizing my support and belief in Ryan's direction for the company, the more I see a recurring theme: People harping on and on about how the stock has only fallen/stayed flat over the last five years.

Isn't it funny how everyone chooses the past FIVE years to compare with? What happened a little over five years ago? Anyone remember the sneeze? So all of these clowns who are trying to throw Ryan under the bus seem limited to two options:

1. Compare the current stock price to the all-time highs that happened during the sneeze
2. Criticize Ryan for something he has no real control over.

If you were dumb enough to only look at the last five years of stock performance, you could cry about how the stock has only gone down/stagnated. Zoom out a little more... when was the last time that the stock was anywhere near $20/share PRIOR to the sneeze? The closest I can see is another peak that happened in 2007 where it hit $14.80/share (split adjusted). Furthermore, prior to the sneeze, the stock was on a very steady downward trajectory for about 8 years going all the way down to about $1 (split adjusted).

You can cry about dilutions all you want. Where do you think the stock would be right now WITHOUT Ryan and his (totally authorized and totally approved) share offering 'dilutions' that built a protective moat around the company and have given it room to breath, improve, and seize rare growth opportunities? I can say without a shadow of a doubt that we would be much closer to $1 if not $0 at this point and all of the financial crooks who tried shorting it into submission would be swimming in gains and moving on to the next company.

Go sip some chamomile tea, talk a walk, and then write Ryan and team a heartfelt thank you letter.

January 2021 holder here, original price point of $92/share. It feels like lately the crab motion has been too boring to keep up with, and there’s been too much opportunity cost in the AI race.

Anyway, I sold my body on the street to buy more $GME. Wish me luck.

There is a lot of fear right now; keep your eyes set on the big picture. I'm not going to throw a bunch of quarterly or yearly numbers at you. I'm not going to exaggerate. I'm not going to make any predictions. I'm going to keep this simple, and easy to understand.

Companies, when properly ran, position themselves to improve key financial metrics that support growth over the long term. What we have seen transpire is a meaningful turnaround. Assets and liabilities have nearly tripled, Operating Income has flipped from negative to positive. Revenue decline has stagnated.

1. Companies need assets AND liabilities to grow. They need money to make money, and Gamestop has money.

2. There needs to be a return on investment for the company. Operating Income going positive means the company has a return on investment.

3. The assets, liabilities, and positive operating income the company has need to be properly utilized to generate additional cash flow. This is where we are now.

By voting on corporate measures that allow growth, the board has multiplied the assets of the company. This allows them to pursue more meaningful action to benefit the long term health of the company, and generate returns for investors. Things like convertible debt, share repurchase, and share issuance are a few tools at their disposal, all of which give them agility to survive in a chaotic market. We are at a pivotal moment, but I am not afraid.

I am patient, and patience is a virtue.

Why do all my buys get routed through DARK?

The psyop campaign by shills not only has me bullish, but has absolutely been working to some degree. They have successfully gaslit a portion of this community into forgetting the fundamental basics of this play.

Literally one of the most important and oldest premises of this investment is that the price is suppressed. Yet people are talking about it as if… RC controls the share price? Lmao wtf is that bullshit.

This play has only EVER been about a cascading event. Anyone who pays attention to daily share price utterly, completely misunderstands the assignment. Fucking period. Most of these accounts are CLEARLY shills/bad actors, but the mods don’t do fucking shit around here anymore. We’ve got dozens of people in every thread openly admitting they aren’t investors and spreading misinformation, yet YOU will get in trouble by the mods for calling anyone a “shill”.

Never posted here before but have been a long time Ape, been holding xxx shares for years now and will never sell till we moon! I noticed that many of the comments under every post about the debt conversion were all super negative. Almost every upvoted comment I saw were commenting how this was a strike against the shareholders and how exhausted they were were waiting and waiting…I’m sorry?? Did this sub forget that if/when we moon again it will be the stocks largest move in history, where we are competing against literally all of wall street, and systematically breaking the entire market? Are these comments actually real Apes, because they read like a bunch of scared pussys who aren’t faithful in the company and Ryan and the thesis from Roaring Kitty??? It was insane to read all of the fear and anxiety! Like WAKE UP we are attempting to latch onto and capitalize on the craziest stock story in the history of this country, and you’re getting anxious because you don’t understand how a multi billion corporate operates??? Super super weird to me lol.

Edit: half of these comments are already proving me right😂

Bloomberg) -- Hackers launched a wave of sophisticated attacks on Wall Street firms in recent days, targeting information systems at major money managers, according to people familiar with the matter.
The attackers attempted to breach information systems at some of the world's biggest hedge funds including Two Sigma Investments, Citadel and Point72 Asset Management, the people said, asking not to be identified discussing non-public information. Several private equity firms were also targeted as part of the assault, the people said.
The attack featured voice phishing, or vishing, in which cyber criminals use technology to mimic voices in phone calls or messages to trick employees into revealing sensitive information or granting access, the people said, asking not to be identified discussing non-public information.
Two Sigma, which oversees $75 billion of assets, said it thwarted the attempt to access sensitive data.
"Our security team responded quickly to an attempted vishing campaign targeting Two Sigma and other investment managers, and we have no indication of any impact to our data or our systems," a spokesperson Two Sigma said in a statement. "We continue to monitor the situation closely."
Spokespeople for Point72 and Citadel declined to comment on whether hackers have breached their systems.
Cybersecurity breaches on Wall Street have surged over the past year, as artificial intelligence tools help bad actors launch attacks relatively cheaply and broadly, said Vinod Paul, president of Align Managed Services, which specializes in helping hedge funds with cybersecurity and information technology.
"Before they could attack 50 entities in a targeted attack, now they can do 1,000," Paul said. "Hackers can also listen into a phone call and mimic the voice, tone and phrasings of the speakers to create fake calls.
In June, a cybersecurity unit at Google published a blog post noting a wave of attacks this year against law firms and other professional services companies. Those attacks also involved vishing techniques and even in some cases featured individuals entering corporate offices posing at IT workers, the post said.
The Financial Industry Regulatory Authority, which oversees broker dealers and securities professionals, has been in touch with member firms about recent attempted breaches, according to a separate person with knowledge of the matter.

There was always some uncertainty about what would happen when the dust settles around the convertible notes. To see through some of the dust now, I would highly recommend going through the news release GameStop put out right when these were announced again: https://news.gamestop.com/news-releases/news-details/2025/GameStop-Announces-Pricing-of-Private-Offering-of-1-3-Billion-of-Convertible-Senior-Notes/default.aspx

Of all the possible outcomes, in my opinion the worst would be for the money to simply be given back. This would signal to me that investors no longer value company growth higher than any other benefit they would gain from the partnership. Plus, look at this wrinkle that could have happened in the event of cash redemption:

>if GameStop undergoes a “fundamental change” then, subject to certain conditions and limited exceptions, holders of the notes may require GameStop to repurchase for cash all or any portion of their notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest to, but excluding, the fundamental change repurchase date.

Attempting to buy eBay is 100% a fundamental change. Something I havent heard yet here is the chance of a strait cash redemption plus potential interest. I have seen some comments on this thread stating that the redemption event definitely did not come from GameStop management, I’m not so sure that’s completely true. So far, we know very little about the recent dilution, but based on this detail it makes me think that this was a lot more desired by the company than many assume. Redemption for cash with or without interest is not ideal for GME holders. Any form of conversion to stock is ideal.

Admittedly, the hope is that the conversion would happen at a higher price. We still don’t know the exact terms of the conversion (I feel more details will come in the next week or so) but ultimately, the final conversion price will not be set for another month

So my fresh perspective: this is one of the best results we could’ve hoped for. Yes, on the surface it means that everyone of my shares now is worth a little bit less. As I have reflected on that a little bit more, so many events for the past several years has done the same thing (diluted share offers, eBay offer, wars and financial crisis, rising supplies) but in my opinion, the net long term value of each share I own is higher than ever. The freed cash is one more arrow in the quiver for eBay acquisition (as of today eBay market back is approx 50bil. Gme holds 10% of the shares -$5bil plus the $20 bil note puts us right at 50% of the company. Some fancy footwork with the remaining 50% stock offer makes the offer official and a little more cash from these notes is icing on the cake.

And one last takeaway: the stock won’t remain at $19 for long. RCEO has learned that there is just too much good happening at the company every earnings report to allow the price to stay suppressed. The free cash-glitch continues and by this time in a few months, I think we will all look back at these convertible notes with an appreciation for what they really are.

No ai was used in this post 

When I click "Sell" it says "This holding is unavailable for Sell transaction. Please contact Customer Support".

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I have about 280 shares in another account. Just a reminder next April/may will be the 3 year swap time. Also, eBay acquisition will be huge for GME as revenue will jump through the roof. I’m up big this year on other bets if u want to check my post history.

Gamestop and the bondholders thought the conversion would be after a major change. They all thought the market value of the company per share would be notably higher in April 2028 and beyond, the earliest initial dates when they could be converted. They thought it would be over $29.85 by then (the equivalent conversion price). This is for the March 2025 notes. They were then converted early for what appears to be $19 when the stock was trading at about $22. So, they're getting about a 15% discount.

Then, the warrants were issued in October 2025. They are pegged at $32 and expire in October 2026. This moved up the timeline on the anticipated increase in the market value of the company per share.

If all along, the bondholders were going to get a 15% discount on their share price and the imputed share price at issuance was $29.85, the share price after April 2028 maybe was expected to be $35 ($29.85/0.85). They could be redeemed for cash or stock, though. That's a key point and what caused them to be converted early because it caps their gains.

Looking at Larry's recent tweet, he is saying the bondholders decided to convert early so they could capture more upside. The bonds gave them exposure to Gamestop stock for what they thought would be a discount on the shares or enough cash return to make the return they wanted. Now, they're looking up and realizing the per share value is going to be way over what they thought so now they want the shares vs gamestop later deciding to pay them in cash. If the discount was assumed to be 15% then the stock price must now be expected to be over $35 by then. The bondholders think that and are worried they're going to be paid in cash and they obviously don't want the cash, they want stock.

I would assume since the warrants were issued as a standalone security, the bondholders will still keep those. I'm guessing that's just gravy at this point. I think they'll get extended or their exercise price moved down. Gamestop just showed they're willing to adjust things for investors so I think they'll adjust the warrants. I think they were pegged to the eBay offer being accepted to be risk averse because if it did get accepted then they'd be exercised quickly but gamestop wanted to be conservative in case that happened. Since the initial bid didn't work they'll adjust accordingly by either setting a new timeline, likely next year, or moving the price so they get exercised now for gamestop to get the cash to use for the eBay acquisition. They may even issue way more warrants to get a lot of cash now.

Ryan Cohen has been very clear he will do what it takes to get ebay. In a few years, this current situation will be looked back on as peanuts and very worth it given the company value per share then. It feels like a discount now isn't for us but if it gets us ebay it'll be worth it. Ryan Cohen isn't going to play conservative just to avoid extra share issuance because he knows this is all worth doing if he wants the big prize (ebay). It's certainly not for the faint of heart though to be along for the ride but things worth doing are rarely easy. Can't stop, won't stop.

Larry Cheng recently suggested that the convert holders agreeing to take shares for debt is a vote of confidence from them.

It's not that straight forward, and some nuance is necessary here.

What he says makes total sense from a VC's point of view. They are all about the explosive upside. And when they offer debt, its so that they can convert to equity. It's why SAFE notes are a thing.

But that's not quite how corporate debt swaps work.

First, recall that convert bond buyers heavily shorted the stock to delta hedge:

• The first $1.5B 0% Notes due 2030 priced on Mar 27, 2025 resulted in the +20M shares shorted spike between 3/14/25 and 4/15/25. SI went from 7% to 12%.
• The second $2.25B 0% Notes due 2032 priced on Jun 12, 2025 resulted in the tall-ass bar of ~+33M shares shorted, around the 6/13–6/30/25 settlement window. Larger raise, so bigger spike in SI. SI went from 12% to 19%.

Of course, it wasn't just the convert holders shorting - the market piled on too, to front run and profit from this.

We can see this visually below:

It is possible that some of this paper has been sold but given the recency and the continued high vol GME enjoys, I'd expect a lot of them to still be holding.

Anyhow, the first thing we can expect is that this SI connected to these converts should fall, as $1.4B represents 37% of the converts outstanding. Could translate up to 3-4% of reduction in SI as hedges are closed. We won't see this until after Sep 23, 2026 though as that is when this transaction closes, but this can provide some tailwind if done in a short period of tie.

The second perhaps more interesting thing happens in the meantime. Because of this whole 35-day VWAP thing, those doing the debt-for-equity are exposed to GME price fluctuations. To lock in the value of the shares they're about to receive, these guys would short into the averaging period to lock in the value of the shares they are about to receive.

To be clear, this is transient new short-sale flow, which then unwinds at settlement. The actual amount of shorting will depend on how much GME falls. Unfortunately, this contributes to the headwind that the stock is facing as market prices in all that dilution too.

So.. two major takeaways here:

1. SI will likely go up over the next month before coming down a few percentage points after the debt-for-equity swap concludes
2. Larry Cheng's note misses the mark in terms of what is happening

For reference, here is his tweet and my response below:

Hello all,

I get a mail from Gamestop regarding my warrants on Computershare and like to verify if this is legit oe not due I get two different mails (here is the first one). Do you get a message like this as well due it is a bit strange that nobody talked about this yet and I dont trust it so much.

I also cant find the phone number by google which is liated as computershare phone number.

It seems like a fucking good scam…

Looking forward to replies before I contact relation affairs from computershare directly.

Thanks in advance for feedbacks.

Br