GameStop reduced its quarterly losses after booking $528 million in Bitcoin on its balance sheet.
The Grapevine, Texas-based company reported a net loss of $18.5 million in the quarter ended August 2nd, compared to its $44.8 million profit over the past three months.
Revenues fell to $673.9 million from $732.4 million in the last quarter, weighing in due to lower hardware and software sales.
GameStop has revealed it has purchased 4,710 BTC over the quarter at a cost of $500 million, in line with an investment policy adopted earlier this year.
The holdings were valued at $528.6 million in the quarter-end, generating $28.6 million unrealized profits. The company said it will use Coinbase pricing to measure fair value for each reporting period, the filing stated.
Adding Bitcoin means Game Stop is small growth A group of publicly traded companies that diversified into digital assets and exposed their financial statements to fluctuations in the crypto market.
Bitcoin prices have risen by about 18% since early May, strengthening the book value of GameStop holdings.
The retailer has restructured its finances under chairman Ryan Cohen, raising cash through $2.7 billion in convertible bond sales earlier this year, and selling international units in Canada and France.
GameStop closed the quarter with $6.1 billion in cash equivalents, excluding digital assets.
Operating losses shrunk from $10.8 million in the last quarter to $9.2 million.
Collectibles, including trading cards and pop culture products, remained bright, accounting for nearly a third of sales.
GameStop shares rose 1.5% on the day, up from $24.94 from 5.7% in after-hours trading after release.
