GameStop confirmed in its 10-K filing with the U.S. Securities and Exchange Commission that it still holds 4,710 #BTC worth about $368 million, ending rumors of a sell-off. The earlier on-chain transfer to Coinbase Prime was not a liquidation but part of a covered-call income strategy.
Out of the total holdings, 4,709 BTC are pledged as collateral with Coinbase Credit, while 1 #BTC is held directly, confirming no Bitcoin was sold. GameStop used these holdings to sell short-term call options with strike prices between $105,000 and $110,000, generating around $2.3 million in unrealized gains against a $700,000 liability.
Due to rehypothecation rights granted to Coinbase Credit, U.S. GAAP required GameStop to remove the 4,709 #BTC from its balance sheet, replacing them with a digital asset receivable valued at $368.3 million. This accounting change reduced its ranking among public Bitcoin holders from 21st to around 190th, despite still economically holding the assets.
GameStop originally bought the #Bitcoin in May 2025 for about $500 million and is currently facing a $131.6 million unrealized loss due to market decline. Instead of selling, the company chose to generate income through options, showing a more advanced strategy.
Conclusion: This move is slightly bullish for crypto, as GameStop continues holding Bitcoin while actively managing returns rather than exiting the market.
Out of the total holdings, 4,709 BTC are pledged as collateral with Coinbase Credit, while 1 #BTC is held directly, confirming no Bitcoin was sold. GameStop used these holdings to sell short-term call options with strike prices between $105,000 and $110,000, generating around $2.3 million in unrealized gains against a $700,000 liability.
Due to rehypothecation rights granted to Coinbase Credit, U.S. GAAP required GameStop to remove the 4,709 #BTC from its balance sheet, replacing them with a digital asset receivable valued at $368.3 million. This accounting change reduced its ranking among public Bitcoin holders from 21st to around 190th, despite still economically holding the assets.
GameStop originally bought the #Bitcoin in May 2025 for about $500 million and is currently facing a $131.6 million unrealized loss due to market decline. Instead of selling, the company chose to generate income through options, showing a more advanced strategy.
Conclusion: This move is slightly bullish for crypto, as GameStop continues holding Bitcoin while actively managing returns rather than exiting the market.