GameStop's Bitcoin holdings suffered a paper loss of $9.4 million in the third quarter, but it still held 4,710 BTC.

According to Odaily Planet Daily, GameStop (GME) disclosed that its Bitcoin holdings suffered a paper loss of approximately $9.4 million in the third quarter ending November 1. Based on the quarter-end price, the company's 4,710 BTC holdings were worth approximately $519 million, and it did not acquire or sell any Bitcoin during the quarter.

The report indicates that GameStop purchased 4,710 BTC between May and June using a $1.3 billion bond financing, and subsequently chose to hold them long-term. During the third quarter, the price of Bitcoin fell from approximately $115,000 to approximately $110,000.

GameStop shares fell 5.8% on Wednesday following weaker-than-expected sales figures. Since announcing its strategy to include Bitcoin in its treasury, the company's stock has fallen more than 22%. (coindesk)