GameStop’s Q3 Earnings Reveal $821 Million in Sales, Bitcoin Losses Weigh

GameStop, the video game retailer that recently diversified its assets in Bitcoin, just reported its Q3 revenue. 

The results missed the mark, as GameStop’s latest Q3 2025 earnings report shows revenue of $821 million, down from $860.3 million last year. Analysts forecasted a ~$987 million revenue in the third quarter, meaning that the company fell short of expectations by more than $160 million.

However, earnings per share came in at $0.24, beating analyst estimates of $0.20. Also, GameStop reported a net income of $77.1 million, up sharply from last year's $17.4 million print. 

GameStop Holding BTC at a Loss

In 2025, the video game firm became the newest addition to the corporate Bitcoin sector. In May of this year, GameStop announced the purchase of 4,710 BTC for - at the time - half a billion dollars. 

Due to the market's volatility, particularly after the historic leverage wipeout of October 10, those holdings have since declined in value. In Q3, GameStop reported an unrealized loss of roughly $9.2 million on its Bitcoin position. But despite the downturn, the company has not sold any of its BTC, signaling a long-term commitment to keeping crypto on its balance sheet.

In truth, despite being the 23rd largest Bitcoin holder among public companies, GameStop is far less exposed to Bitcoin's volatility when compared to "BTC-centric" firms. GameStop’s market cap-to-BTC ratio stands at 23.3, meaning its market capitalization is over 23 times greater than its Bitcoin holdings.

For comparison, MicroStrategy, the largest holder of Bitcoin, Michael Saylor's firm has a mNAV relative to Bitcoin of 0.89 -- meaning that its market capitalization is actually less than the value of its Bitcoin holdings.

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GameStop Stock Plunges After Missed Earnings

That said, the missed earnings caused the company's stock (GME) to drop by 4.28% since yesterday's session. 

The company's core retail business has gotten pretty diversified as of late. While its primary focus continues to be on retail video game selling, GameStop has increasingly leaned on its collectibles division and alternative asset strategies like Bitcoin to offset declining hardware and software sales.

While this leaves GameStop vulnerable to market swings, it also underscores the company’s attempt to reinvent itself beyond its legacy retail footprint.