GameStop's bitcoin holdings - and sales - slide
By Claudia AssisGameStop started amassing bitcoin earlier this year.Shares of GameStop Corp. dropped more than 5% in the extended session Tuesday after the specialty retailer showed sliding quarterly sales and profits, and saw the value of its bitcoin holdings drop as well.GameStop, whose shares (GME) were among the first to gain a massive social-media following and turn into a "meme stock," reported a third-quarter profit of 24 cents a share on sales of $821 million.That marks a 4.5% drop from the $860 million in revenue in the year-ago period, and also a decline from an adjusted EPS of 30 cents a share in the third quarter of 2024.Not enough Wall Street analysts track the company for meaningful quarterly expectations. As usual, the retailer said little about the business in its short press release accompanying results.GameStop, which started buying bitcoin (BTCUSD) earlier this year, said that the value of its holdings of the cryptocurrency was $519.4 million at the end of the quarter.The Grapevine, Texas-based company said in September that its bitcoin holdings were valued at $528.6 million at end of the second quarter. The company disclosed in June it had bought 4,710 bitcoins between May 3 and June 10.-Claudia AssisThis content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.