GameStop misses Q3 earnings expectations… burdened by Bitcoin valuation losses

GameStop missed market expectations in its Q3 2025 results, facing both weak sales and pressure from Bitcoin valuation losses. The stock price fell more than 4% on the day of the earnings announcement.

On the 11th (local time), Cointelegraph reported that GameStop announced, "Q3 revenue was 821,000,000 dollars, which did not meet market expectations of 987,290,000 dollars." The company explained, "There was a quarterly Bitcoin valuation loss of 9,000,000 dollars on holdings, but on a year-to-date basis there is a valuation gain of 19,400,000 dollars."

According to the report, GameStop currently holds 4,710 Bitcoins. The company also missed earnings expectations in Q1 this year, with revenue then of about 732,000,000 dollars, falling short of market expectations of 754,000,000 dollars.

GameStop introduced a structure in March this year to include Bitcoin in its financial strategy, but the impact on the stock price was limited. The company raised 1,500,000,000 dollars in April and purchased 4,710 Bitcoins in May; at that time the stock price briefly rose 12% but the gains were soon reversed. The day after the strategy shift announcement, the stock fell 11%.

Ryan Cohen, CEO, said in July, "Cryptocurrencies and Bitcoin are a hedge against inflation." He stated, "Introducing cryptocurrency payments could be an opportunity and is an item the company is considering." The company is also trying to reduce its reliance on physical hardware and game sales and increase the share of collectibles such as trading cards.

GameStop's weak results align with a trend affecting companies that have adopted digital assets as part of their financial strategies. Standard Chartered analyzed that market saturation and investor caution are causing declines among companies with digital asset–based financial strategies.