GameStop disclosed in its 10-K that it pledged 4,709 Bitcoin as collateral on Coinbase in January as part of a covered-call strategy, resolving weeks of speculation that the company had sold its holdings. The filing says the pledged position was used to sell short-dated call options with strike prices between $105,000 and $110,000 that expire this Friday.
Earlier on-chain moves showed GameStop transferring its entire Bitcoin balance to Coinbase Prime, which prompted rumors the company had exited its position. The 10-K clarifies that the coins were pledged to Coinbase Credit, a counterparty that may rehypothecate pledged assets. Because of that collateralization, GameStop derecognized the pledged digital assets on its balance sheet and recognized a digital asset receivable, while saying its economic exposure remains consistent with direct ownership.
The company reported a $2.3 million unrealized gain related to the options and a $700,000 liability; it also noted some covered-call contracts expired unexercised in January. The filing states the pledged Bitcoin was valued at $368.3 million on January 31, and GameStop recorded an unrealized loss of $59.7 million on that date due to Bitcoin’s price decline. After the pledge, GameStop directly holds one Bitcoin that was not placed as collateral.
Under the covered-call approach, GameStop sells call options that give buyers the right to purchase its Bitcoin at a fixed strike price; GameStop collects option premiums and keeps the coins if contracts go unexercised. The company launched its Bitcoin treasury program after CEO Ryan Cohen met with Strategy chair Michael Saylor in February 2025 to discuss implementation. Before moving the 4,709 BTC to Coinbase, GameStop’s holdings ranked among the top 25 corporate Bitcoin treasuries by size.