GameStop (GME) ended Q3 with $519.4 million in bitcoin, recording a $9.2 million loss on its digital assets as bitcoin slid from around $115,000 to $110,000 over the quarter.
The retailer 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 not added to or sold any bitcoin since the initial buy, opting to ride out market fluctuations.
Shares fell 5.8% on Wednesday after the company reported sales that fell short of investor expectations. Incorporating bitcoin into its treasury strategy marked a significant shift for the video game chain, which continues to navigate challenges in regaining momentum following its pandemic-era meme stock surge.
Since unveiling the bitcoin initiative, GameStop’s stock has dropped more than 22%, underscoring investor caution over holding crypto alongside a core business still under pressure.
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