coindesk.com
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 digital asset holdings during the period.
Bitcoin $BTC$92,591.63 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.