GameStop said it did not sell the 4,709 Bitcoin tied to its January balance sheet change. 

Instead, the company used the holdings in a covered-call arrangement with Coinbase Credit, according to its latest annual filing.

GameStop’s latest 10-K filing showed that the company still kept exposure to the Bitcoin it bought in 2025. The filing said the retailer pledged 4,709 BTC as collateral with Coinbase Credit instead of selling the assets outright.

That disclosure addressed earlier market speculation that GameStop had exited the position in January. The value of the pledged Bitcoin was about $324 million at the time, based on market pricing referenced in the report.

Covered-call deal gives GameStop income from Bitcoin

The filing said GameStop entered an agreement with Coinbase Credit during the fourth quarter of fiscal 2025. Under that arrangement, the company sold covered call options on part of the Bitcoin it owned. GameStop said, 

The strategy allows the company to collect premium income while keeping overall exposure to Bitcoin price moves.

The strike prices on the options ranged from $105,000 to $110,000. That means the company would limit its upside if Bitcoin rises above those levels, but it would still earn income from the options premiums.

The agreement is set to expire on Friday, according to the filing. As of Jan. 31, the call option contracts created a $700,000 liability and an unrealized gain of about $2.3 million.

Coinbase control changed accounting treatment

GameStop also said Coinbase Credit had the right to “rehypothecate, commingle, or unilaterally sell” the pledged Bitcoin. Because of that, the company said control of the assets had moved to the counterparty under the agreement.

The filing stated,

The company added that its economic exposure remained consistent with direct Bitcoin ownership.

GameStop also reported an unrealized loss of $59.7 million tied to digital asset receivables during fiscal 2025. The filing added that some of the covered-call contracts expired unexercised after the fiscal year ended on Jan. 31.