q3 2022

Gaming retailer GameStop says it will no longer focus any efforts on cryptocurrencies, after amounting $94.7 million in net losses in the third quarter and laying off staff from its digital assets department. On a Dec. 7 earnings call GameStop CEO, Matt Furlong, said it “proactively minimized exposure to cryptocurrency” over the year and “does not currently hold a material balance of any token,” adding: “Although we continue to believe there is long-term potential for digital assets in the gaming world, we have not and will not risk meaningful stockholder capital in this space.” Earlier this year the company said it was looking at crypto, along with nonfungible tokens (NFTs) and Web3 applications, as avenues for growth calling these spaces “increasingly relevant for gamers of the fut...