Video game retailer GameStop has pledged 4,709 BTC worth approximately $315 million into a covered call options strategy on Coinbase Prime.
This move reclassifies the Bitcoin from an intangible asset to a receivable, affecting how gains and losses appear in quarterly earnings.
The agreement allows Coinbase Prime to rehypothecate or sell the BTC, meaning GameStop does not own the coins outright.
"Our economic exposure is consistent with direct ownership," GameStop stated in its 10-K filing.
GameStop originally bought the Bitcoin in May 2025 after raising $1.5 billion via convertible senior notes.
CEO Ryan Cohen has suggested that other business opportunities are 'way more compelling' than holding Bitcoin, though he hasn't ruled out selling.
This strategy aims to generate income while minimizing downside risk if Bitcoin prices remain below the strike price of the call options.
With Bitcoin trading around $67,000, market volatility has pressured companies with BTC on their balance sheets.