GameStop (GME) closed the third quarter with $519.4 million in bitcoin, reporting a $9.2 million loss on its digital asset holdings. During the period ending Nov. 1, bitcoin slipped from roughly $115,000 to $110,000.
The company is believed to still hold 4,710 BTC—the same amount it purchased between early May and mid-June using proceeds from a $1.3 billion debt offering announced in March. GameStop has neither added to nor sold any of its bitcoin, choosing to maintain its position amid market fluctuations.
Shares fell 5.8% on Wednesday after the company’s sales results fell short of expectations. The move to incorporate bitcoin into its treasury strategy marked a major shift for the video game retailer, which continues to face challenges recovering from its pandemic-era meme stock surge.
Since announcing its bitcoin initiative, GameStop’s stock has dropped over 22%, reflecting investor caution over combining cryptocurrency exposure with ongoing pressure on its core business.
