GameStop has revealed that its growing Bitcoin investment helped reduce its second-quarter losses, while collectibles sales provided an additional boost. Following the report release, GME stock jumped in after-hours trading, signaling renewed investor optimism.
Bitcoin Strengthens GameStop’s Balance Sheet
In Q2 2025, GameStop disclosed that it purchased around 4,710 BTC valued at $500 million. By the end of the quarter on August 2, those holdings had grown to $528.6 million, delivering an unrealized gain of $28.6 million. The company measures its Bitcoin reserves using Coinbase pricing, placing it among a select group of public firms actively holding crypto in their treasury.
Quarterly Results
GameStop posted a net loss of $18.5 million, a significant improvement compared to previous quarters. Revenue came in at $674 million, reflecting weaker hardware and software demand. Still, cost-cutting efforts reduced operating losses to $9.2 million.
One bright spot was collectibles, where sales soared 63% year-over-year, boosted by trading cards, merchandise, and exclusive publisher partnerships. Special editions like Borderlands 4 collectibles also helped offset falling demand for traditional gaming products.
Meanwhile, steady demand for Nintendo Switch 2, along with strong PlayStation 5 and Xbox Series X|S sales, helped prevent deeper hardware declines.
GME Stock Reaction
Shares of GameStop rose 1.5% in regular trading and surged up to 7% after-hours, hitting $25.29. The company’s market capitalization now stands at $10.55 billion, with an enterprise value of $6.28 billion.
Despite this, GME shares have been largely stagnant over the past year, dropping 1.38%, while short interest remains elevated at 67.8 million shares (about 15% of the float). This keeps the stock a favorite among traders betting on volatility. 
Financial Moves and Future Plans
GameStop raised $270 million via convertible bonds and exited operations in Canada and France to streamline its business and improve liquidity. At quarter-end, the company reported $6.1 billion in cash and equivalents, excluding its crypto holdings.
Looking forward, the firm intends to raise $1.75 billion from investors, with speculation that part of the capital could further expand its Bitcoin treasury strategy. By aligning with companies that integrate digital assets into their balance sheets, GameStop signals a bold shift in its financial management approach.
