GameStop’s ( GME ) bitcoin stack was worth $519.4 million at the end of the third quarter (Nov. 1), with the company recording a $9.2 million loss in digital assets during the period.
Bitcoin fell from about $115,000 to about $110,000 during the three months ended Nov. 1.
The video game retailer likely continued to hold 4,710 BTC at the end of the third quarter, the same amount it bought between early May and mid-June using the proceeds of a $1.3 billion debt offering announced in March.
The company’s shares were 5.8% lower on Wednesday as sales results fell short of investors’ expectations.
GameStop’s move to adopt bitcoin as part of its financial strategy marked a major shift for the company in March, which has struggled to regain momentum since its pandemic meme stock surge. The firm has not added or sold any of its BTC since the initial purchase, opting to sit through market fluctuations.
Shares have fallen more than 22% since GameStop announced the bitcoin initiative in March, as investors weigh the risk of holding the crypto along with weak core business results.
