Simply put
- GameStop pledges 4,709 $BTC $BTC Move to Coinbase Prime’s covered call strategy, giving the exchange the right to rehypothesize or sell your coins.
- The move reclassifies assets from intangible assets to receivables, changing how gains and losses flow to revenue.
- CEO Ryan Cohen did not rule out a potential Bitcoin sale for GameStop, saying the company’s other opportunities are “much more attractive.”
Video game retailer GameStop said this week that it has relocated all but one of its stores. $BTC Incorporate the value of your Bitcoin government bond holdings into Coinbase Prime’s covered call option strategy.
By doing so, 4,709 $BTC The stash, worth approximately $315 million at the time of this writing, is now an accounts receivable on the company’s balance sheet, rather than an intangible asset. The reclassification is important because it changes the flow of Bitcoin’s gains and losses in GameStop’s quarterly earnings.
Bitcoin treasury companies have been relatively quiet since the beginning of the year. price of $BTC At the beginning of the year, it was around $87,000, but since February it has struggled to rise above $70,000. At the time of writing, Bitcoin was trading at around $67,000 after falling 5% over the past week, according to crypto price aggregator CoinGecko.
As volatility increases, companies $BTC Balance sheets are under strain. GameStop initially spent more than $500 million; $BTC Last May, the value of the company’s holdings has fallen significantly in recent months.
GameStop noted in the report that terms of the collateral agreement mean Coinbase Prime has the right to “rehypothesize, commingle, or unilaterally sell” the retailer’s Bitcoin.
In other words, GameStop didn’t sell Bitcoin; It was done Sold.
“Although the classification of these assets has changed, our economic exposure is consistent with our direct ownership of the underlying Bitcoin,” the company said in its 10-K annual report to the SEC.
In a covered call strategy, an investor who owns an asset (in this case Bitcoin) sells a call option to a counterparty. This option gives the counterparty the right to purchase the asset at a preset price, called the strike price, within a set period of time. Instead, the holder receives a premium upfront and generates income from an asset that would otherwise sit on the balance sheet.
If the price of Bitcoin rises above the strike price, the counterparty can exercise the option to acquire the Bitcoin at a lower agreed price, limiting the holder’s upside. If Bitcoin remains below the strike price, the option will expire worthless and GameStop will keep the premium and its Bitcoin.
By promising almost the entire amount, $BTC As collateral for its strategy through Coinbase Prime, GameStop is essentially betting that Bitcoin won’t rise quickly enough to trigger the option, meaning it won’t be able to collect any yield in the meantime.
The company originally purchased Bitcoin in May 2025 after completing a $1.5 billion convertible debt offering to investors the month before.
GameStop CEO Ryan Cohen posed next to Strategy Chairman Michael Saylor in an X photo, hinting at the company’s foray into acquiring Bitcoin. Strategy pioneered the Bitcoin financial model and remains the largest corporate holder with approximately $51 billion worth of assets. $BTC At the time of writing this article.
Since Strategy first classified Bitcoin as a treasury asset in August 2020, many companies have followed its lead by raising capital through ATM equity programs, convertible debt, and preferred stock issuances and deploying it into Bitcoin. All three strategies were used.
But recently, questions have arisen about the company’s efforts. $BTC Confidence.
In February 2026, GameStop’s Cohen was asked: CNBC If your company is looking to sell your Bitcoin stash. Cohen declined to comment, but hinted that the company’s acquisition ambitions are “much more compelling than Bitcoin.”
