GameStop has revealed it pledged nearly all of its Bitcoin holdings as collateral on Coinbase in January, ending speculation about a sale. In a regulatory filing on Tuesday, the company disclosed it moved 4,709 BTC to execute a covered call options strategy. The move resulted in a $2.3 million unrealized gain and a $700,000 liability, while the Bitcoin’s value was recorded at $368.3 million with a $59.7 million unrealized loss due to price declines.
GameStop clarified on Tuesday that it pledged nearly all of its Bitcoin as collateral on Coinbase in January. This move was part of a covered call strategy detailed in its annual report to the Securities and Exchange Commission.
The filing ended two months of speculation after onchain analysts noted the transfer of its entire Bitcoin treasury to Coinbase Prime. The company pledged 4,709 Bitcoin under an agreement with Coinbase Credit.
The strategy involved selling short-dated call options with strike prices between $105,000 and $110,000, set to expire last Friday. GameStop earns premiums from these options and retains the Bitcoin if they are not exercised.
The disclosure showed a $2.3 million unrealized gain and a $700,000 liability tied to the options. Some covered-call contracts had already expired unexercised in January.
By pledging the Bitcoin as collateral, GameStop is no longer counting those 4,709 assets as directly held. “Although the classification of these assets has changed, our economic exposure is consistent with direct ownership of the underlying Bitcoin,” the company stated.
GameStop now directly holds just one Bitcoin that was not put up for collateral. The pledged Bitcoin was worth $368.3 million as of January 31.
The company also recorded an unrealized loss of $59.7 million on that date because of Bitcoin’s price drop. Bitcoin has fallen 45% from its all-time high, putting pressure on corporate treasury strategies.
GameStop launched its Bitcoin treasury after CEO Ryan Cohen met with Strategy chair Michael Saylor in February 2025. Prior to the move, its Bitcoin stash ranked in the top 25 by holding size.
