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Remember GameStop's $500 million Bitcoin gamble in May this year? The latest earnings report reveals the answer.
As of the end of the third quarter, the book value of this investment was approximately $519 million, with an unrealized gain of $19 million — sounds good, but compared to $528 million at the end of Q2, it’s actually a retreat. More intriguingly, the company’s Bitcoin holdings remained unchanged this quarter, neither increasing nor decreasing.
The market votes with its feet: after the earnings announcement, GameStop's stock price dropped 5% on the same day. The performance data isn't very impressive either, with net sales down 4.5% year-over-year to $821 million.
Is this move by the traditional retail giant, experimenting with cryptocurrency allocation, a strategic vision or just riding the trend? Based on current data, Bitcoin hasn't yet brought any surprises to the company's fundamentals.