After two months of speculation, GameStop has quietly put to rest rumors that it sold off its Bitcoin stash — instead, the company repurposed the coins as collateral in an options strategy.
In its annual SEC filing released Tuesday, GameStop confirmed it pledged 4,709 BTC to Coinbase Credit as collateral for a covered-call program. The transfer of those coins to Coinbase Prime in January had sparked on-chain trackers and the crypto community to assume the company was dumping its holdings. That reading was incorrect: the move was part of a structured options play, not a liquidation.
How the trade works
GameStop sold covered-call contracts with strike prices between $105,000 and $110,000 that expire this Friday. Under a covered-call strategy, the seller collects option premiums up front and retains the underlying asset if option buyers don’t exercise their contracts. GameStop noted some January contracts have already expired unexercised. The company also still holds one BTC outside of the collateral arrangement.
Accounting and counterparty mechanics
Because Coinbase Credit can rehypothecate — i.e., reuse pledged assets — GameStop reclassified the 4,709 coins on its balance sheet. The coins were removed as direct holdings and instead recorded as a “digital asset receivable.” GameStop stressed that the accounting relabeling did not change its exposure to Bitcoin’s price swings.
Paper losses and option-related figures
The filing shows the pledged coins were valued at about $368 million as of January 31, with an unrealized loss of roughly $59 million on that date (Bitcoin is down about 45% from its all-time high). Separately, the company reported a $2.3 million unrealized gain and a $700,000 liability linked to the options position.
Strategic context
The filing also confirms earlier reports that CEO Ryan Cohen met with Strategy chairman Michael Saylor in early 2025 to discuss corporate Bitcoin strategies; GameStop announced its move into Bitcoin soon after. Prior to the Coinbase transfer, GameStop was among the top 25 corporate Bitcoin holders, according to bitcointreasuries.net.
Bottom line
The SEC filing puts to rest the narrative of an exit: GameStop still controls its Bitcoin, is carrying a sizable paper loss, and is using covered calls to generate income while it awaits a market recovery. The mechanics of rehypothecation and the reclassification of assets are important accounting and counterparty details for crypto observers tracking corporate treasury activity.
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