GameStop’s bet on the largest cryptocurrency this Spring has been a whipsaw experience for the games retailer.

The company’s third-quarter report, released on Tuesday, reveals that its $500 million bet on Bitcoin in May soared to over $519 million, which generated an unrealised profit of more than $19 million.

But that’s after hitting $528 million at the end of the second quarter — incurring a $9.4 million unrealised loss.

GameStop did not acquire or sell any of its holdings during the last quarter.

Ushered in by a crypto-friendly regime in the US, Bitcoin’s extraordinary rally in 2025 saw the asset hit record highs throughout the year.

Bitcoin firms tremble

US President Donald Trump buttressed the move with a slew of executive orders that made cryptocurrencies a cornerstone of his administration, as well as by appointing regulators at key agencies to issue light-touch regulations for the digital asset industry.

The rising price of Bitcoin spurred several non-crypto companies to start acquiring digital assets for their balance sheets, too.

That includes Japanese hotel operator MetaPlanet and Trump Media & Technology Group, the president’s media conglomerate.

Since the October 10 crash, which saw some $19 billion in levered crypto positions liquidated, cracks have begun to show among companies profiting from the industry’s upward rise.

Michael Saylor’s Strategy, the poster child of the digital asset treasury trend, is officially worth less than the Bitcoin it owns.

After the company enjoyed a hefty premium, investors are now spending roughly 90 cents for every $1 of Bitcoin that Strategy holds.

GameStop missed expectations

To be sure, GameStop, once a gem among meme stock hunters during the Covid-19 pandemic, has yet to hit such dire straits.

But that doesn’t mean investors aren’t skittish.

Shares in the company slid 5% on Tuesday after GameStop missed analyst sales expectations. Net sales year-over-year dropped 4.5%, to $821 million from $860 million in 2024.

Liam Kelly is DL News’ Berlin-based DeFi correspondent. Have a tip? Get in touch at liam@dlnews.com.sales