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GameStop Posted $9.2M Loss on Bitcoin Holdings in Q3
Source: CryptoNewsNet Original Title: GameStop Posted $9.4M Loss on Bitcoin Holdings in Q3 Original Link: GameStop’s 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 on digital asset holdings during the period.
Bitcoin fell from roughly $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 purchased between early May and mid-June using proceeds from a $1.3 billion debt offering announced in March.
Shares of the company were lower by 5.8% on Wednesday as sales results were shy of investor expectations.
GameStop’s move to adopt bitcoin as part of its treasury strategy marked a major shift for the company in March, which has struggled to regain momentum since its pandemic-era meme stock surge. The firm hasn’t added to or sold any of its BTC since the initial buy, opting to sit tight through market swings.
Shares have fallen more than 22% since GameStop announced the bitcoin initiative in March, as investors weigh the risks of holding crypto alongside weak core business performance.