GameStop’s (GME) bitcoin stack was worth $519.4 million at the end of the third quarter (Nov. 1), and the company posted a loss of $9.2 million on digital asset holdings during the period.
bitcoin fell from about $115,000 to about $110,000 during the three months ending Nov. 1.
The video game retailer likely still held 4,710 BTC at the end of the third quarter, the same amount it purchased between early May and mid-June using 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 in March for the company, which has struggled to regain momentum since the pandemic-era rise of meme stocks. The company has not added or sold any of its BTC since the initial purchase, choosing to sit tight during market swings.
Shares have fallen more than 22% since GameStop announced the bitcoin initiative in March, as investors weigh the risks of holding cryptocurrencies alongside weak performance of the core business.
