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GameStop’s 10-K submission to the SEC on Tuesday verified that the company continues to possess 4,710 BTC, valued at around $368 million, concluding two months of speculation sparked by an onchain transfer that appeared to indicate a crypto sale but was, in fact, the groundwork for a covered-call income strategy.
Key Takeaways:
- Position confirmed: GameStop retains 4,709 BTC used as collateral on Coinbase Prime along with one BTC held directly, summing up to 4,710 BTC — no sale took place.
- Covered-call mechanics: The firm issued short-dated call options with strike prices ranging from $105,000 to $110,000 per BTC expiring today, March 27, resulting in a $2.3 million unrealized gain against a $700,000 liability on the options ledger.
- Accounting impact: Due to Coinbase Credit‘s rehypothecation rights, U.S. GAAP necessitated the removal of the 4,709 BTC from GameStop’s balance sheet, substituting it with a digital assets receivable — reducing its ranking to roughly 190th among public company Bitcoin holders.
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GameStop Actually Confirmed Holding Bitcoin, Bullish for Crypto?
The 10-K filed with the SEC indicates that GameStop pledged 4,709 BTC to Coinbase Credit in January as collateral for an over-the-counter covered-call strategy, rather than to liquidate the position.
The company initially acquired 4,710 BTC in May 2025 for about $500 million, utilizing available cash reserves to invest in Bitcoin at levels that now reflect a $131.6 million loss on digital assets for fiscal 2025.
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The January onchain transfer to Coinbase Prime that concerned analysts was intended for the collateral agreement, not a liquidation indication.
Given that Coinbase Credit possesses rehypothecation rights, allowing it to reuse, commingle, or sell the pledged coins, U.S. GAAP compelled GameStop to entirely remove the 4,709 BTC from its balance sheet. The company now lists digital asset receivables of $368.3 million as of January 31, 2026, instead of a direct BTC line item.
This distinction is significant for benchmarking purposes. BitcoinTreasuries.net revised GameStop’s ranking from 21st to approximately 190th among public company holders, not due to the coins being absent, but because the accounting treatment obscures direct ownership. One BTC continues to be directly held on GameStop’s balance sheet.
GameStop’s shift to a covered-call strategy is a direct reaction to Bitcoin’s 45% drop from its all-time high.
Bitcoin (BTC)24h7d30d1yAll time
Instead of selling during a downturn or passively holding with increasing unrealized losses, the company opted to capitalize on its position through premium income, issuing call options that grant buyers the right to acquire its BTC at $105,000–$110,000, retaining the premium if those options expire unexercised.
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