GameStop disclosed in its 10-K annual report to the SEC that it pledged 4,709 Bitcoin as collateral on Coinbase in January as part of a covered call strategy, resolving two months of speculation over whether it had sold the coins. The filing shows the company used the position to sell short-dated call options with strike prices between $105,000 and $110,000 that expire Friday.
The SEC filing clarified earlier on-chain observations that GameStop had moved its entire Bitcoin holdings to Coinbase Prime, which had prompted speculation it was exiting the position. By pledging the coins to Coinbase Credit, a counterparty that can rehypothecate pledged assets, GameStop no longer counts those 4,709 BTC as directly held. The company said the collateralization “resulted in the derecognition of the pledged digital assets and the corresponding recognition of a digital asset receivable,” while adding that its economic exposure remains consistent with direct ownership.
GameStop recorded a $2.3 million unrealized gain tied to the options and a $700,000 liability, and noted some covered-call contracts expired unexercised in January. The report also states the pledged Bitcoin weighed in at $368.3 million on Jan. 31 and that the company recorded an unrealized loss of $59.7 million on that date due to Bitcoin’s price decline.
Under a covered call approach, GameStop sells call options that give buyers the right to purchase its Bitcoin at a fixed price; GameStop collects premiums and retains the coins if options are not exercised. After the pledge, GameStop directly holds one Bitcoin that was not placed as collateral.
GameStop launched its Bitcoin treasury after CEO Ryan Cohen met Strategy chair Michael Saylor in February 2025 to discuss implementation of Bitcoin strategies. Prior to moving the 4,709 BTC to Coinbase, GameStop’s holdings ranked among the top 25 corporate Bitcoin treasuries by size.
