Gamestop Bitcoin Strategy: Company Used BTC Holdings for Covered Calls, SEC Filing Shows

Gamestop Fiscal 2025 Annual Report

The Form 10-K, filed with the SEC connected March 24, 2026, covers the play ended January 31, 2026. It details however Gamestop transferred its full bitcoin stack to Coinbase Prime connected oregon astir January 16, 2026, a determination that had triggered wide rumors astir an exit from the crypto asset. The filing clarified that the transportation was operational, not a liquidation.

Under the Collateral Agreement with Coinbase Credit, Inc., Gamestop sold over-the-counter covered-call options against 4,709 BTC — 99.98% of its holdings — with onslaught prices ranging from $105,000 to $110,000 per coin and maturities extending done March 27, 2026. One azygous bitcoin remained straight connected the company’s equilibrium sheet.

Gamestop primitively purchased 4,710 BTC successful May 2025 for astir $500 cardinal successful cash, astatine an mean outgo ground of astir $106,000 to $107,900 per coin. The committee had amended its Investment Policy successful March 2025 to see bitcoin and U.S. dollar-denominated stablecoins arsenic treasury reserve assets.

The covered-call operation allows Gamestop to cod upfront enactment premiums portion retaining economical vulnerability to bitcoin beneath the onslaught prices. If bitcoin remains nether the strikes astatine expiration, the contracts expire worthless, and the institution keeps the premiums. If bitcoin trades supra the strikes, the calls tin beryllium exercised, and upside is capped astatine the onslaught terms positive premiums received.

Because Coinbase Credit holds the close to rehypothecate, commingle, oregon merchantability the pledged bitcoin, Gamestop determined that power of the assets had transferred. Under U.S. GAAP, it derecognized the 4,709 BTC from its equilibrium expanse and recorded a digital assets receivable valued astatine $428 cardinal astatine derecognition and $368.3 cardinal arsenic of January 31, 2026.

That accounting attraction dropped Gamestop’s ranking among firm bitcoin holders from astir 21st globally to 190th. The institution states its economical vulnerability “remains accordant with nonstop ownership of the underlying bitcoin.”

Screenshot of Gamestop’s Form 10-K.

For fiscal 2025, Gamestop recorded a full $131.6 cardinal nonaccomplishment connected integer assets and related receivables — 3.6% of nett sales. That fig breaks down arsenic a $71.8 cardinal realized nonaccomplishment upon derecognition, a $59.7 cardinal unrealized nonaccomplishment connected the receivable reflecting bitcoin’s terms decline, and a $0.1 cardinal remeasurement nonaccomplishment connected the retained coin. The options produced a $2.3 cardinal unrealized gain, partially offset by a $0.7 cardinal derivative liability.

Bitcoin was trading adjacent $68,000 to $69,000 astatine the clip of the filing, good beneath the $105,000 to $110,000 onslaught prices. That placed the calls out-of-the-money, meaning Gamestop was connected way to clasp the premiums arsenic income if prices held dependable done expiration.

The 10-K lists respective risks tied to the strategy, including bitcoin terms volatility, counterparty recognition vulnerability if Coinbase defaulted, and rehypothecation hazard that obscures ineligible rubric to the collateral. The filing besides notes regulatory and accounting uncertainty astir crypto assets broadly.

Gamestop did not contented a property merchandise connected the collateral pledge. Details surfaced done the SEC filing and onchain information monitoring earlier this year. As of today, the institution had not announced further bitcoin purchases oregon changes to the presumption pursuing the expiration of the archetypal telephone contracts.

The attack contrasts with companies similar Strategy, which person pursued open-ended bitcoin accumulation without derivatives overlays. Gamestop‘s operation is oriented toward premium income, portion the presumption sits astatine an unrealized nonaccomplishment comparative to its outgo basis. No further accusation astir post-expiration enactment oregon caller enactment contracts has been disclosed.

FAQ 🔎

• Did Gamestop merchantability its Bitcoin? No — Gamestop pledged 4,709 BTC arsenic collateral for a covered-call options strategy and retained economical vulnerability to the asset.
• How overmuch did Gamestop suffer connected bitcoin successful fiscal 2025? The institution recorded a $131.6 cardinal nonaccomplishment connected integer assets and related receivables for the fiscal twelvemonth ended January 31, 2026.
• Why did Gamestop’s bitcoin vanish from its equilibrium sheet? Because Coinbase Credit holds rehypothecation rights implicit the collateral, Gamestop was required nether U.S. GAAP to derecognize the BTC and grounds a integer assets receivable instead.
• What are the onslaught prices connected Gamestop’s bitcoin covered calls? The contracts carried onslaught prices betwixt $105,000 and $110,000 per BTC with maturities done March 27, 2026.