By the end of the third quarter, specifically November 1st, GameStop’s (GME) bitcoin holdings were valued at approximately $519.4 million. During this period, the company experienced a loss of $9.2 million related to its digital assets.
Bitcoin (BTC) saw a decline in value from around $115,000 to near $110,000 over the three months leading up to November 1st.
The gaming retailer is believed to have maintained its position of 4,710 BTC by the close of Q3—the same quantity acquired between early May and mid-June using funds raised from a $1.3 billion debt issuance announced back in March.
On Wednesday, GameStop’s stock price dropped by 5.8%, following sales figures that fell short of what investors had anticipated.
The decision by GameStop to integrate bitcoin into its treasury management strategy represented a significant pivot for the company in March. This move came as it struggled to regain traction after its surge as a meme stock during the pandemic period. Since making this initial purchase, GameStop has neither increased nor sold any bitcoin holdings and has chosen instead to hold steady amid market fluctuations.
Since unveiling their bitcoin investment plan in March, shares have declined over 22%, reflecting investor concerns about combining cryptocurrency exposure with ongoing challenges in core business performance.
By the end of the third quarter, specifically November 1st, GameStop's (GME) bitcoin holdings were valued at approximately $519.4 million. During this period, the company experienced a loss of $9.2 million related to its digital assets.
Bitcoin (BTC) saw a decline in value from around $115,000 to near $110,000 over the three months leading up to November 1st.
The gaming retailer is believed to have maintained its position of 4,710 BTC by the close of Q3—the same quantity acquired between early May and mid-June using funds raised from a $1.3 billion debt issuance announced back in March.
On Wednesday, GameStop’s stock price dropped by 5.8%, following sales figures that fell short of what investors had anticipated.
The decision by GameStop to integrate bitcoin into its treasury management strategy represented a significant pivot for the company in March. This move came as it struggled to regain traction after its surge as a meme stock during the pandemic period. Since making this initial purchase, GameStop has neither increased nor sold any bitcoin holdings and has chosen instead tostand firm amid market fluctuations.
Since unveiling their bitcoin investment plan in Mar ch , sh ar es h av e d ec lin ed ov er 22% , r ef le ct ing inv est or c onc ern s ab ou t co mb ini ng cr yp toc ur re nc y ex po su re w ith on go ing ch all en ge s i n co re bu sin es s pe rf or ma nc e .