GameStop’s (GME) Bitcoin stack was worth $519.4 million at the end of the third quarter (November 1), with the company recording a loss of $9.2 million in digital assets during the period.
Bitcoin fell from about $115,000 to about $110,000 in the quarter ended November 1.
The video game retailer likely continued to hold 4,710 BTC at the end of the third quarter, the same amount it purchased between early May and mid-June with proceeds from a $1.3 billion debt offering announced in March.
The company’s shares fell 5.8% on Wednesday as sales results fell short of investors’ expectations.
GameStop’s decision to adopt bitcoin as part of its treasury strategy marked a major shift for the company in March, which has struggled to regain momentum since the pandemic-era surge in stocks. The company has not added or sold any of its BTC since the initial purchase, choosing to stick with market fluctuations.
Shares have fallen more than 22% since GameStop announced the Bitcoin initiative in March, as investors weigh the risks of holding cryptocurrencies alongside the weak performance of their core business.
