Markets
What You Absolutely Need to Know:
- GameStop’s (GME) Bitcoin stash was worth a whopping $519.4 million at the end of Q3 (Nov. 1). Oh, how the mighty have fallen.
- The company ended up with a $9.2 million loss thanks to Bitcoin’s dramatic price drop. So much for being “ahead of the game,” eh?
- GameStop’s stock took a 5.8% hit on Wednesday, because nothing says “trustworthy investment” like a shrinking stock price.
GameStop (GME) was all gung-ho about its Bitcoin strategy-stashing away a neat $519.4 million worth of the digital currency by the end of Q3 (Nov. 1). And, surprise, surprise, they racked up a $9.2 million loss due to Bitcoin’s catastrophic dip. #NotGreatBob
Bitcoin, which had been chilling around $115,000, decided to take a nosedive down to a mere $110,000 during the last three months. How predictable.
Oh, and did I mention that GameStop likely still holds the same 4,710 BTC it purchased earlier this year, between May and June, with the proceeds from a $1.3 billion debt offering in March? They’ve done nothing with it since. Very “strategic,” if you ask me-just sit there and watch the market go bananas.
And, in case you missed it, GameStop’s stock dropped by a glorious 5.8% on Wednesday, as sales came in way below investor expectations. But who needs expectations anyway?
GameStop’s bold move to adopt Bitcoin was supposed to be the answer to all their problems (as if). It marked a major shift for the company back in March, as they tried to ride the wave of post-pandemic meme stock euphoria. But, spoiler alert, it hasn’t worked. The company hasn’t sold or added to its Bitcoin holdings since that initial buy, choosing instead to “wait it out” while the market sways. Sure, that’s totally how you get rich, right?
Since GameStop’s Bitcoin revelation, their stock has plummeted by more than 22%. Investors are getting real cozy with the idea of holding crypto (that’s dropped in value) while the company’s core business continues to underperform. Sounds like a match made in financial hell.
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2025-12-10 19:56