GameStop confirmed it did not sell its Bitcoin holdings, but pledged 4,709 BTC as collateral for covered call options on Coinbase Credit in January. The move, disclosed in a SEC filing, ends speculation the company was exiting its crypto position.
The strategy allows GameStop to earn premium income while retaining economic exposure to Bitcoin. Options with strike prices between $105,000 and $110,000 expired Friday, with some unexercised. The filing notes a $2.3 million unrealized gain and a $700,000 liability tied to the contracts.
GameStop derecognized the pledged Bitcoin on its balance sheet, classifying them as a digital asset receivable. It now directly holds only one Bitcoin. By January 31, the pledged BTC was valued at $368.3 million, down from a peak, resulting in a $59.7 million unrealized loss.
The treasury initiative began after CEO Ryan Cohen met with Michael Saylor in February 2025. Prior to the pledge, GameStop’s Bitcoin stash ranked among the top 25 corporate treasuries by holding size.