GameStop has confirmed it still holds its Bitcoin, using a structured options strategy instead of selling the assets as previously speculated.
Key Takeaways
- GameStop confirmed it did not sell its Bitcoin holdings.
- Around 4,709 BTC were pledged as collateral to Coinbase Credit.
- The company is using a covered call strategy to generate income.
- The move reflects a shift toward active crypto treasury management.
What Happened?
GameStop clarified in its latest filing with the U.S. Securities and Exchange Commission that it has retained its Bitcoin holdings. Instead of selling, the company pledged nearly all its BTC as collateral to execute a covered call strategy.
This disclosure resolves months of speculation that the retailer had exited its crypto position following earlier transfers to Coinbase Prime.
LATEST: GameStop disclosed that nearly all of its 4,710 bitcoin were pledged to Coinbase as collateral for a covered-call options strategy, rather than being sold. pic.twitter.com/Hd6uNta4If
— CoinDesk (@CoinDesk) March 26, 2026
GameStop Chooses Strategy Over Liquidation
The confusion began earlier this year when GameStop transferred its Bitcoin holdings to Coinbase Prime. Many investors assumed this signaled a full liquidation. However, the company’s Form 10-K filing dated March 24, 2026 confirms that the move was operational.
GameStop pledged 4,709 out of 4,710 BTC, representing nearly its entire Bitcoin position, under a collateral agreement with Coinbase Credit. This allowed the company to run a covered call options strategy while maintaining economic exposure to Bitcoin.
The company originally purchased its Bitcoin in May 2025 for approximately $500 million, with an average cost between $106,000 and $107,900 per coin. This marked a major step in its treasury diversification strategy after updating its investment policy.
How the Covered Call Strategy Works?
Through this strategy, GameStop sold short term call options with strike prices between $105,000 and $110,000. These contracts give buyers the right to purchase Bitcoin if prices rise above those levels.
This approach allows GameStop to:
- Earn upfront premiums as income.
- Retain Bitcoin exposure if prices remain below strike levels.
- Cap upside potential if Bitcoin rises significantly above the strike prices.
Some of these options expired in January without being exercised, allowing the company to generate income without selling its holdings.
At the time of the filing, Bitcoin was trading around $68,000 to $69,000, well below the strike range. This placed the options out of the money, meaning GameStop is likely to retain the collected premiums.
Accounting Shift and Financial Impact
Because the Bitcoin was pledged and could be reused or rehypothecated by Coinbase, GameStop no longer records these assets as directly held. Instead, it recognizes a digital asset receivable on its balance sheet.
The filing states that while classification has changed, the company’s economic exposure remains consistent with direct ownership.
Financial highlights include:
- $131.6 million total loss tied to digital assets and receivables.
- $71.8 million realized loss upon derecognition.
- $59.7 million unrealized loss due to Bitcoin price decline.
- $2.3 million unrealized gain from options premiums.
- $700,000 derivative liability.
This accounting change also dropped GameStop’s ranking among corporate Bitcoin holders significantly.
A Shift in Corporate Bitcoin Strategy
GameStop’s move signals a broader trend among companies holding Bitcoin. Instead of relying purely on price appreciation, firms are now exploring yield generating strategies using derivatives.
This approach contrasts with companies like those following accumulation strategies inspired by industry leaders such as Michael Saylor. GameStop is taking a more active route, balancing income generation with market exposure.
The strategy also introduces risks:
- Counterparty risk tied to Coinbase.
- Bitcoin price volatility.
- Collateral and rehypothecation risks.
- Regulatory and accounting uncertainty.
CoinLaw’s Takeaway
In my experience, this is a smart but cautious move by GameStop. Instead of panic selling during a downturn, the company found a way to make its Bitcoin work. That said, covered calls are not risk free. They limit upside and add complexity.
I found this shift important because it shows how corporate crypto strategies are evolving. Companies are no longer just holding Bitcoin and hoping for price increases. They are actively managing it like any other financial asset.
This could become a model for other firms, especially those under pressure to justify large crypto holdings during volatile markets.
