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Ahmed Balaha
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GameStop Tuesday 10-K filing to the SEC confirmed the company still holds 4,710 BTC worth approximately $368 million, ending two months of speculation triggered by an onchain transfer that looked like a crypto sale but was actually the setup for a covered-call income strategy.
- Position confirmed: GameStop holds 4,709 BTC pledged as collateral on Coinbase Prime plus one BTC held directly, totaling 4,710 BTC — no sale occurred.
- Covered-call mechanics: The company sold short-dated call options with strike prices between $105,000 and $110,000 per BTC expiring today, March 27, generating a $2.3 million unrealized gain against a $700,000 liability on the options book.
- Accounting impact: Due to Coinbase Credit‘s rehypothecation rights, U.S. GAAP required derecognizing the 4,709 BTC from GameStop’s balance sheet, replacing it with a digital assets receivable — dropping its ranking to approximately 190th among public company Bitcoin holders.
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GameStop Actually Confirmed Holding Bitcoin, Bullish for Crypto?
The 10-K filed with the SEC shows GameStop pledged 4,709 BTC to Coinbase Credit in January as collateral for an over-the-counter covered-call strategy, not to exit the position.
The company originally purchased 4,710 BTC in May 2025 for approximately $500 million, deploying available cash reserves into Bitcoin at levels that now represent a $131.6 million loss on digital assets for fiscal 2025.
The January onchain transfer to Coinbase Prime that alarmed analysts was preparation for the collateral agreement, not a liquidation signal.
Because Coinbase Credit holds rehypothecation rights, meaning it can reuse, commingle, or sell the pledged coins, U.S. GAAP forced GameStop to derecognize the 4,709 BTC from its balance sheet entirely. The company now records digital asset receivables of $368.3 million as of January 31, 2026, rather than a direct BTC line item.
That distinction matters for benchmarking purposes. BitcoinTreasuries.net adjusted GameStop’s ranking from 21st to approximately 190th among public company holders, not because the coins are gone, but because the accounting treatment obscures direct ownership. One BTC remains directly held on GameStop’s balance sheet.
GameStop’s covered-call pivot is a direct response to Bitcoin’s 45% decline from its all-time high.
Rather than selling into weakness or holding passively with mounting unrealized losses, the company chose to monetize its position through premium income, selling call options that give buyers the right to purchase its BTC at $105,000–$110,000, pocketing the premium if those options expire unexercised.
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