GameStop bets $500 million on Bitcoin: Book profit and loss rollercoaster, Q3 net profit of $19 million

【Block Motion】GameStop invested $500 million in Bitcoin this spring, and now this investment has become a roller coaster.

According to their Q3 financial report released on Tuesday, by the end of September, the book value of this holding was approximately $519 million, with a paper profit of over $19 million. Sounds good? But at the end of Q2, this position once surged to $528 million. Later, as the coin price retraced, it actually lost $9.4 million. Throughout Q3, GameStop didn’t buy or sell any coins.

The US attitude towards cryptocurrencies in 2025 is quite friendly, and Bitcoin has skyrocketed to new highs. But the crash on October 10 really threw people off, with prices dropping 30% directly from the year’s high, causing the entire circle to shake. That collapse directly liquidated about $19 billion in leveraged positions. Previously, companies that made huge profits in the bull market also started feeling the pressure.

GameStop is not the only one rushing in. On the Japanese side, there’s hotel operator MetaPlanet and Trump’s Trump Media & Technology Group, both heavily buying Bitcoin this year. This move is largely because Trump elevated crypto assets to a strategic level through an executive order, and regulators are also adopting a “light regulation” approach. Now that the market has cooled, the financial performance of these companies will probably be quite interesting to watch.