December 10th, it was revealed that publicly traded company GameStop invested $500 million in Bitcoin in the spring of this year, and now this asset is causing significant volatility for the company. According to the company's third-quarter financial report released on Tuesday, the position had an approximate book value of $519 million at the end of September, bringing in over $19 million in unrealized gains.However, at the end of the second quarter, this holding had risen to $528 million at one point, then experienced an unrealized loss of $9.4 million as the price fell. During the third quarter, GameStop did not increase or sell any Bitcoin.In 2025, the United States has seen Bitcoin reach new highs under crypto-friendly policies. However, the crash on October 10th caused the price to drop by about 30% from its annual high, shaking the industry as a whole. In this collapse, approximately $19 billion worth of leveraged crypto positions were liquidated, and many publicly traded companies that benefited from the bull market began to show signs of pressure.In addition to GameStop, non-crypto companies have also made large Bitcoin purchases this year, including Japanese hotel operator MetaPlanet and Trump Media & Technology Group, owned by former U.S. President Trump. This trend has been fueled by U.S. President Trump issuing executive orders to strengthen the strategic position of crypto assets in his government and pushing regulatory agencies to implement a "light-touch" framework. With the market turning bearish, the financial performance of these companies is facing a severe test.