GameStop's $500 Million Bitcoin Bet is Causing Major Volatility for the Company

On December 10, it came to light that publicly traded GameStop invested $500 million in Bitcoin this spring—and the asset is now driving significant volatility for the company. Per the retailer’s third-quarter financial report released Tuesday, the position held an approximate book value of $519 million as of September 30, with over $19 million in unrealized gains. However, the holding had briefly climbed to $528 million at the end of Q2 before posting an unrealized loss of $9.4 million as Bitcoin prices dropped. GameStop neither added to nor sold any Bitcoin during Q3. In 2025, Bitcoin hit new highs in the U.S. amid crypto-friendly policies—until an October 10 crash sent prices tumbling roughly 30% from their annual peak, jolting the entire industry. The collapse liquidated roughly $19 billion in leveraged crypto positions, with many public companies that profited from the bull run now showing signs of strain. GameStop isn’t alone: Other non-crypto firms have also made big Bitcoin buys this year, including Japanese hotel operator MetaPlanet and former President Donald Trump’s Trump Media & Technology Group. The trend has been boosted by Trump issuing executive orders to elevate crypto assets’ strategic role in his administration and push regulators to adopt a “light-touch” framework. As the market turns bearish, these companies’ financial performance is facing a tough test.