GameStop's $500 million Bitcoin bet is causing the company to experience significant volatility

On December 10th, publicly traded company GameStop invested $500 million in Bitcoin during this spring, and now this asset is causing the company to experience significant volatility. According to the company’s Q3 financial report released on Tuesday, the position had a book value of approximately $519 million at the end of September, resulting in an unrealized profit of over $19 million. However, at the end of Q2, this holding briefly rose to $528 million before retreating due to a price dip, recording an unrealized loss of $9.4 million. During Q3, GameStop did not increase or sell any Bitcoin. By 2025, under the influence of crypto-friendly policies in the US, Bitcoin hit new highs repeatedly. However, the crash on October 10th caused prices to fall about 30% from the year’s high, shaking the entire industry. During this collapse, approximately $19 billion in leveraged crypto positions were forcibly liquidated, and several publicly traded companies that benefited from the bull market are showing signs of pressure. Besides GameStop, non-crypto companies also made substantial Bitcoin purchases this year, including Japanese hotel operator MetaPlanet and Trump Media & Technology Group under Trump. This trend was supported by President Trump’s executive orders strengthening the strategic position of crypto assets within his government and promoting a “light regulation” framework for regulators. As the market weakens, these companies’ financial performances are facing severe challenges.