GameStop disclosed this week that it has moved nearly all of its Bitcoin treasury holdings into a covered call options strategy through Coinbase Prime, retaining only 1 BTC outside the arrangement. The retailer’s stash of 4,709 BTC, valued at approximately $315 million at the time of the disclosure, has been reclassified from an intangible asset to a receivable on the company’s balance sheet. That accounting shift is significant because it alters how Bitcoin-related gains and losses will appear in GameStop’s quarterly earnings reports.
Under the terms of the collateral agreement, Coinbase Prime holds the right to rehypothecate, commingle, or unilaterally sell GameStop’s Bitcoin. Despite this, the company maintains that its economic exposure remains equivalent to direct ownership. “Although the classification of these assets has changed, our economic exposure is consistent with direct ownership of the underlying Bitcoin,” GameStop stated in its 10-K annual report filed with the SEC.
In a covered call strategy, an asset holder sells a call option to a counterparty, granting that party the right to purchase the asset at a predetermined strike price within a set timeframe. In return, the holder receives an upfront premium, generating income on an otherwise idle asset. If the asset’s price rises above the strike price, the counterparty can exercise the option and acquire the asset at the lower agreed price, capping the original holder’s potential gains. If the price remains below the strike price, the option expires and the holder retains both the premium and the asset.
By pledging nearly its entire Bitcoin position as collateral through Coinbase Prime, GameStop is effectively wagering that Bitcoin will not rally sharply enough to trigger the options, allowing the company to collect yield in the meantime. The move comes as Bitcoin has faced notable price pressure. After beginning the year near $87,000, the cryptocurrency struggled to hold above $70,000 from February onward and was trading at around $67,000 at the time of the disclosure, reflecting a 5% decline over the prior week, according to crypto price aggregator CoinGecko.
GameStop originally acquired its Bitcoin in May 2025, funded by a $1.5 billion offering of convertible senior notes completed the month prior. The company spent more than $500 million on the purchase, and the subsequent price decline has weighed on the value of those holdings. The broader environment has been challenging for corporate Bitcoin treasury holders, with heightened volatility placing many such companies under financial strain.
GameStop CEO Ryan Cohen had signaled the company’s interest in Bitcoin by posting a photo alongside Strategy Chairman Michael Saylor on X. Strategy pioneered the corporate Bitcoin treasury model and remains the largest corporate holder by a wide margin, with approximately $51 billion worth of BTC at the time of writing. Since Strategy first designated Bitcoin as a treasury asset in August 2020, numerous companies have followed its approach, raising capital through equity programs, convertible notes, and preferred stock issuances before deploying the proceeds into Bitcoin.
Questions have recently emerged about GameStop’s long-term commitment to its Bitcoin position. In February 2026, Cohen was asked by CNBC whether the company was considering selling its Bitcoin holdings. Cohen declined to give a direct answer but suggested the company’s acquisition ambitions were “way more compelling than Bitcoin,” leaving the future of the position uncertain.
Originally reported by Decrypt.
