2025-12-10 14:24:05

GameStop's $500 million Bitcoin gamble this spring has now become the most eye-catching figure in its financial report.

Looking at the ledger: the book value is $519 million, and it actually made a $19 million profit on paper. But behind this number lies an even more brutal story—by the end of Q2, this position once soared to $528 million, but couldn't withstand the market reversal, turning into a $9.4 million unrealized loss. Throughout the entire process, they didn’t move a single coin, just riding the market roller coaster.

What really makes people sweat is the flash crash in October. Bitcoin plunged 30% from its high, with $19 billion in liquidations across the network. Those listed companies that rushed into accumulating coins at the bullish top are now seeing their financial reports turn into a transparent mirror.

GameStop is not an isolated case. Japanese hotel group MetaPlanet and Trump's own media tech company all went on a buying spree during this policy sugar rush—US-style crypto-friendly policies, official backing for strategic reserves, regulatory green lights—they definitely looked like free money.

But the reality is harsh: once you write Bitcoin into your balance sheet, it’s no longer just an investment asset; it will make your financial data dance to the coin price. When prices rise, the board thinks you're a genius; when they fall, shareholders suspect you're gambling in a casino.

Corporate crypto hoarding has indeed become a new trend, but not every company's heart can withstand such stimulation.

BTC-0.22%

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LiquidityWitch

· 12-11 22:20

The financial report truth meter is real, hoarding coins and dancing disco made me laugh to death.

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ZkProofPudding

· 12-11 19:05

Haha, GameStop is really playing with heartbeat. This move is a bit outrageous.

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PensionDestroyer

· 12-10 19:12

Oh well, getting caught in a all-in is truly deserved; the crypto world is like this.

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LowCapGemHunter

· 12-10 14:52

Haha, GameStop's recent performance was really disappointing. As soon as the policy sweet period arrived, everyone started to get reckless. Now the financial reports have slapped us in the face. Speaking of companies hoarding coins, it's really a gambler's mentality. They have to dance along with the coin prices, the board members' minds are all muddled. From a peak of 5.28 billion to now, that's the result of chasing highs, everyone. Are Trump's people also hoarding? Fine, let's see who can successfully bottom fish. Anyway, the retail investors have already been exploited. When the coin price suddenly crashes, it's the most authentic moment. No one can hide from it, companies included. The mirror of truth has been revealed. Don't talk about strategic reserves; frankly, it's just stubbornness and irrationality. The paper unrealized losses are虚, but the key is the心理防线 (mental defense line). Companies like MetaPlanet really dare to play. Entering the bull market is like pointing a gun at oneself. Earnings season is the most torturous. But on the other hand, if this batch of companies mess up, those entering later might actually get some bargains? Risks are like that, two sides of the same coin. I wouldn't recommend companies to play with coins on a corporate level. This isn't investment; it's gambling. This is what you call chasing the trend into a ditch, a textbook reverse case.

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ChainDetective

· 12-10 14:48

This is the legendary "hodl until bankruptcy" haha

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ImpermanentLossEnjoyer