GameStop does not dispose of bitcoin, but it also does not passively hold it on the balance sheet. Ryan Cohen's company has implemented a strategy that allows for generating additional income from the owned BTC, although this comes at the cost of relinquishing some control over this asset.
GameStop uses 4 709 BTC in a covered call strategy.
In practice, the company earns options premiums but may be forced to sell its bitcoins at a predetermined price.
This is a significantly more active and risky move than simply holding BTC in a vault.
Bitcoin is supposed to work, not lie idle.
During a bear market, some companies holding bitcoin on their balance sheets start looking for ways to extract more from these assets than just passively waiting for a price rebound. GameStop decided to do just that.
The company transferred almost all of its reserves — exactly 4 709 BTC — to a financial structure on Coinbase Prime. This means that it uses bitcoin as a basis for a covered call option strategy.
In simple terms, it looks like this: the company still holds BTC, but at the same time issues call options on these assets and collects premiums for it. If the price of bitcoin does not exceed the established strike price, GameStop retains both its BTC and the additional income.
The problem starts when the price rises sharply.
A covered call is a strategy that works well in a sideways or moderately bullish environment. However, it also has its cost.
If the BTC price shoots above the established strike price, the other party of the contract can exercise the option and buy bitcoins from GameStop at a previously agreed, lower price. In such a situation, the company sells its BTC cheaper than their current market value.
Formally, the company still 'has' bitcoin, but in reality limits its own participation in a potential strong upward rally. This is no longer classic hodling, but more active position management.
Cohen sends a signal: BTC is not sacred.
It is also worth remembering the broader context. GameStop bought bitcoin in 2025 for over 500 million dollars, but since then the price has clearly fallen. With valuations around 66 thousand dollars, the pressure for the assets to start earning is significantly greater.
Ryan Cohen had previously suggested that bitcoin is not a sacred asset for GameStop. In one of the interviews, he even stated that the company sees more attractive opportunities than holding BTC indefinitely and does not rule out selling part of its cryptocurrencies in the future.
This decision clearly shows that for GameStop, bitcoin does not serve an ideological role, but a purely financial one. It is to be useful — even if it comes with greater risk.