The 10-K filing submitted to the SEC clarifies that GameStop pledged its bitcoins as collateral as part of a covered-call strategy.
GameStop did not sell the $324 million in bitcoin acquired in 2025, contrary to speculation that had been circulating in recent months. The 10-K filing submitted to the Securities and Exchange Commission this week reveals that the company pledged 4,709 BTC as collateral with Coinbase Credit, as part of a covered-call strategy.
In the filing, GameStop states: “In the fourth quarter of fiscal year 2025, we entered into an agreement with Coinbase Credit, Inc., under which we sold covered call options on a portion of the bitcoin we own.” The strategy allows the company to generate additional yield through option premiums, with strike prices set between $105,000 and $110,000. This approach limits the upside potential should bitcoin surpass those levels, but guarantees income while maintaining overall exposure to the asset.
The news refutes the analyses of several onchain analysts who had speculated that GameStop had fully exited its position, in a context where the price of BTC had lost 45% from its all-time high in October. The agreement with Coinbase Credit was set to expire on Friday, according to the filing. As of January 31, the call option contracts had generated a liability of $700,000 and an unrealized gain of approximately $2.3 million. Subsequent to the fiscal year close, some of the covered call options expired unexercised.
Under the agreement, Coinbase Credit obtained the right to “unilaterally rehypothecate, commingle, or sell” the pledged bitcoins, resulting in control of the assets being transferred to the counterparty. GameStop therefore derecognized the pledged bitcoins as an intangible asset and recognized $368.3 million in digital asset receivables within its consolidated balance sheet as of January 31, 2026. The company clarified that its exposure to bitcoin remains equivalent to directly holding the asset. During fiscal year 2025, GameStop recorded an unrealized loss of $59.7 million on digital asset receivables.
