[Analysis: GameStop's Bitcoin Staking Operation Records $131.6 Million Net Loss] According to Emmett Gallic's analysis, GameStop's Bitcoin staking operation recorded a net loss of $131.6 million. In May 2025, GameStop purchased 4,710 Bitcoins for $500 million. In January of this year, the company staked 4,709 of those Bitcoins with Coinbase Credit as collateral for covered call operations. This move resulted in the temporary removal of Bitcoin assets from the balance sheet and the recognition of $368.3 million in receivables, leading to a net loss of $131.6 million. Since GameStop provided the collateral, Bitcoin's price has dropped by approximately 25%. Earlier reports revealed that GameStop's financial statements disclosed the valuation of its Bitcoin and related receivables at $368 million as of the end of Q4 last year.