GameStop’s move to add bitcoin as a treasury asset marked its one-year anniversary. The company disclosed it had purchased 4,710 bitcoin, with purchases beginning on May 3. Its move has not yet paid off, as it booked more than $130 million in losses on its digital assets last year.
The June 10 quarterly results confirmed that the purchases began on May 3. GameStop marks its one-year anniversary of adding bitcoin as a treasury asset after updating its investment policy last year. The company disclosed that it had purchased 4,710 bitcoin, with purchases beginning on May 3.
Despite the milestone, the move has not paid off, as it booked more than $130 million in losses on its digital assets last year. The June 10 quarterly results confirmed the timing of the purchases, noting that the initial buys started on May 3. The policy change positioned bitcoin as a treasury reserve asset and the company has continued to monitor the evolving impact of the allocation. Investors will watch how market conditions affect the bitcoin position as it matures.
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