GameStop (GME) ended the third quarter with $519.4 million in bitcoin holdings, recording a $9.2 million loss on its digital assets for the period. Over the three months through Nov. 1, bitcoin prices fell from roughly $115,000 to about $110,000.
The company is believed to still hold 4,710 BTC, the same amount it acquired between early May and mid-June using proceeds from a $1.3 billion debt offering announced in March. Since the initial purchase, GameStop has not added to or sold any of its bitcoin, opting to hold steady through market fluctuations.
Shares of GameStop fell 5.8% on Wednesday after the company reported sales results that fell short of investor expectations. The adoption of bitcoin as part of its treasury strategy marked a significant shift for the video game retailer, which has struggled to regain momentum since its pandemic-era meme stock surge.
Since unveiling its bitcoin initiative, GameStop’s stock has declined more than 22%, highlighting investor caution over the risks of holding cryptocurrency alongside a core business that continues to face challenges.
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