At the conclusion of the third quarter (Nov. 1), GameStop’s (GME) bitcoin holdings were valued at $519.4 million, reflecting a $9.2 million loss in digital asset holdings during this period.
During the three months leading up to Nov. 1, Bitcoin dropped from approximately $115,000 to around $110,000.
By the end of the third quarter, it is likely that the video game retailer maintained its holdings of 4,710 BTC, the same amount it acquired between early May and mid-June through a $1.3 billion debt offering announced in March.
On Wednesday, the company’s shares fell by 5.8% as the sales results did not meet investor expectations.
GameStop’s decision to incorporate bitcoin into its treasury strategy represented a significant change for the company in March, which has been working to regain momentum following its meme stock surge during the pandemic. Since the initial acquisition, the firm has neither added to nor sold any of its BTC, choosing to remain steady through market fluctuations.
Since GameStop announced the bitcoin initiative in March, shares have declined over 22%, as investors consider the challenges of holding crypto alongside poor performance in its core business.
