GameStop recorded a US$9.4 million loss on its bitcoin holdings in the third quarter, adding pressure to a period already marked by weaker revenue and declining investor confidence. The company, which has been attempting to pivot from traditional retail to a more digital-focused strategy, faced renewed market scrutiny after its latest earnings update.
Shares slipped as investors reacted to both the unrealized crypto losses and the company’s revenue miss. The retailer has been holding bitcoin as part of its diversification efforts, but the recent downturn in the crypto market pushed the value of those assets lower during the quarter.
The dip in digital asset valuations comes at a time when GameStop is navigating a challenging retail environment, ongoing cost pressures and shifting consumer behaviour. The company did not provide new guidance but indicated it would continue assessing its digital strategy and asset exposure.
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