GameStop disclosed a $9.4 million loss on its bitcoin holdings for the third quarter, with the value of its digital assets falling as bitcoin slid from around $115,000 to $110,000 over the three-month period ending Nov. 1.
The retailer is estimated to have maintained its full stack of 4,710 BTC, accumulated between May and mid-June using proceeds from a $1.3 billion convertible debt offering announced in March.
The company has neither bought nor sold additional BTC since adopting crypto as part of its treasury management strategy.
Shares of GameStop dropped 5.8% on Wednesday after quarterly sales failed to meet investor expectations.
Since the announcement of its bitcoin strategy in March, the stock has declined more than 22%, reflecting concerns about combining crypto holdings with weak core business performance.
Despite market volatility, GameStop appears committed to holding its bitcoin position, signaling a long-term approach even as financial pressure mounts and its traditional retail operations continue to struggle.
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