GameStop's (GME) bitcoin stack was worth $519.4 million at the end of the third quarter (Nov. 1), with the company recording a $9.2 million loss digital asset holdings during the period.
Bitcoin BTC$92,351.06 fell from roughly $115,000 to about $110,000 during the three months ended Nov. 1.
The video game retailer likely continued to hold 4,710 BTC at the end of the third quarter, the same amount it purchased between early May and mid-June using proceeds from a $1.3 billion debt offering announced in March.
Shares of the company were lower by 5.8% on Wednesday as sales results were shy of investor expectations.
GameStop’s move to adopt bitcoin as part of its treasury strategy marked a major shift for the company in March, which has struggled to regain momentum since its pandemic-era meme stock surge. The firm hasn’t added to or sold any of its BTC since the initial buy, opting to sit tight through market swings.
Shares have fallen more than 22% since GameStop announced the bitcoin initiative in March, as investors weigh the risks of holding crypto alongside weak core business performance.
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Lawmakers in the US House of Representatives and Senate met with cryptocurrency industry leaders in three separate roundtable events this week. Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“Read more

