GameStop’s Quarterly Earnings Show New Data About Its Bitcoin Holdings

GameStop, a major electronics retailer, just reported a highly bullish Q2. Although its Bitcoin holdings remain steady, around $500 million, GameStop reported massive growth.

These numbers may signal an alternate path for crypto treasuries, allowing companies to avoid shareholder dilution concerns. Still, GameStop is planning a massive stock sale, so it may be preparing for future purchases already.

Bitcoin Boosted GameStop in Q2

GameStop has been committed to Bitcoin purchases for several months now, making the asset a key component of fiscal growth in 2025. Although the firm hasn’t made any large policy shifts in the last few months, its Q2 Earnings Report speaks for itself:

$GME GameStop Q2 Earnings :Net sales $972.2M vs $798.3M YoY | +22% a strong growth from the company!SG&A: $218.8M vs $270.8M YoY | still cutting down cost with discipline.Operating income $66.4M vs operating loss $22.0M YoY | There’s a swing to profit!Adjusted operating…

— Han Akamatsu 赤松 (@Han_Akamatsu) September 9, 2025

Incidentally, GameStop appears to calculate its quarters in a slightly unorthodox manner; “Q2 2025” stretched from May 3 to August 2. Although it’s unclear why the firm uses this bizarre accounting, its rules are consistent, as GameStop’s Q4 2024 ended in February 2025.

In any event, regardless of how the firm divides its reporting periods, it just had a highly successful one. Net sales increased by just under $200 million, net income went from $14.8 million in 2024 to a whopping $168.6 million in 2025, and more.

Most importantly, GameStop made these gains without making a fresh Bitcoin purchase in the entire period.

To be clear, GameStop is still a heavy Bitcoin investor, holding $528.6 million of the token. However, BTC’s sizable appreciation during this period was an incidental aid.

Some digital asset treasury (DAT) firms, which have totally pivoted to crypto, have faced shareholder dilution concerns and the ensuing risk of collapse.

A New Model for DAT Firms?

Although this strategy is only available to large firms, GameStop may be showing an alternate vision for Bitcoin treasuries. The company has apparently used digital assets as a way to further supplement growth, without exposing itself to the dangers of overcommitment to this strategy.

This modest approach might have more staying power than a complete pivot.

However, the electronics retailer might not stick with this plan for long. After its Earnings Report, GameStop released another announcement that may involve Bitcoin acquisition.

Specifically, it’s planning to host a massive stock sale, giving preexisting shareholders a warrant to purchase more at a reduced price. GameStop hopes to raise up to $1.9 billion in this manner.

This caused the company’s stock to spike in after-hours trading:

GameStop Price Performance. Source:

The press release didn’t explicitly refer to future Bitcoin purchases, but its language would clearly enable GameStop to make them:

“GameStop intends to [these funds] for general corporate purposes, including making investments in a manner consistent with GameStop’s Investment Policy and potential acquisitions,” the statement claimed.

In other words, a few different scenarios are possible. GameStop may or may not intensify its Bitcoin acquisition soon, but its solid economic foundations give it the flexibility to pursue either option.