AsianFin -- GameStop Corp. is aiming to raise $1.3 billion by issuing convertible bonds to fund its Bitcoin purchases, aligning with a strategy promoted by cryptocurrency advocate Michael Saylor.

The video game retailer's stock rose after the company announced on Tuesday that its board had approved a plan to hold Bitcoin as a reserve asset. This announcement was followed by a filing on Wednesday detailing the bond sale, which will be used for various purposes, including acquiring Bitcoin.

Based in Grapevine, Texas, GameStop joins an increasing number of public companies that are turning to convertible debt to buy Bitcoin, seeking to benefit from cryptocurrency market upswings. This strategy was first adopted by Michael Saylor's company, MicroStrategy, which has acquired over $40 billion worth of Bitcoin and experienced a significant surge in its stock price.