GameStop has converted its $368 million Bitcoin holdings into an options payout strategy.

PANews reported on March 27th that, according to CoinDesk, GameStop disclosed in its annual report that 4,709 of its 4,710 Bitcoins have been pledged to Coinbase as collateral for an over-the-counter covered call option strategy. The company earns premiums by selling short-term call options with strike prices between $105,000 and $110,000, while preserving the potential for Bitcoin appreciation. This strategy means its Bitcoin holdings are no longer recorded as directly held assets but rather as receivables.

Because Coinbase allows pledged Bitcoin to be recollateralized or redeployed, GameStop no longer classifies these assets as direct holdings. The company reported $368.3 million in receivables related to pledged Bitcoin at the end of the fiscal year, while also recording a $59.7 million unrealized loss due to the decline in Bitcoin prices. This disclosure clarifies the nature of the transaction, following previous market speculation that GameStop might sell its Bitcoin holdings.

Previously, Emmett Gallic also pointed out that GameStop purchased 4,710 Bitcoins for $500 million in May 2025, and in January of this year, it pledged 4,709 of them to Coinbase Credit as collateral for covered call operations. This move caused these Bitcoin assets to be removed from the balance sheet and $368.3 million in receivables to be recognized, resulting in a net loss of $131.6 million.