GameStop’s latest annual filing has cleared up months of speculation about what happened to the company’s bitcoin holdings — it didn’t sell them.
Onchain analysts had widely speculated that GameStop exited its entire bitcoin position amid a roughly 45% price drawdown from its all-time high.
The 10-K filed with the SEC tells a different story.
What the filing actually shows
According to the report, GameStop pledged all 4,709 BTC as collateral with Coinbase Credit as part of a covered-call strategy entered in the fourth quarter of fiscal 2025.
The company stated in the filing:
“In the fourth quarter of fiscal 2025, we entered into an agreement with Coinbase Credit, Inc., under which we sold covered call options on a portion of the bitcoin we own.”
Strategy
The strategy allows GameStop to earn premium income from the options while capping its upside if bitcoin surges above the strike prices, which were set between $105,000 and $110,000.
As of January 31, the contracts had resulted in a $700,000 liability and an unrealized gain of roughly $2.3 million.
Some of the covered-call contracts expired unexercised after the fiscal year ended, the filing noted.
Control transferred to Coinbase
The arrangement comes with a significant caveat: Coinbase Credit retained the right to “rehypothecate, commingle, or unilaterally sell” the pledged bitcoin, meaning GameStop no longer controls the coins directly.
Because of this, GameStop derecognized the bitcoin as an intangible asset and instead recorded a digital assets receivable of $368.3 million on its balance sheet as of January 31, 2026.
The company also recorded an unrealized loss of $59.7 million in digital asset receivables during fiscal year 2025, reflecting bitcoin’s decline from the levels at which it originally acquired the position.
