GameStop’s Bitcoin Strategy Demystified in SEC Filing

GameStop, the American video game retailer, has dispelled ongoing speculation with its annual 10-K report filed with the Securities and Exchange Commission. The company confirmed that it continues to hold its 4,710 Bitcoin, valued at approximately $368 million, silencing rumors about a potential sell-off. Instead, GameStop clarified that the apparent movement of Bitcoin in January was linked to a collateral arrangement, rather than a sale.

What Really Happened with the Bitcoin?

The retailer acquired the Bitcoin in May 2025 for close to $500 million and later deposited 4,709 of these coins with Coinbase Credit in January as security for an over-the-counter options strategy. This maneuver allows GameStop to earn revenue by selling short-term call options against the Bitcoin it holds.

Initial reports suggested a possible sale after an observed on-chain transaction. However, deeper analysis confirmed the movement was strictly for facilitating options trading, not an asset liquidation. One Bitcoin remains under GameStop’s direct management in a cold wallet, while Coinbase Credit retains rights to reuse or sell the pledged Bitcoin under standard practice.

Has the Accounting Change Affected GameStop’s Status?

Yes, the adjustment in GameStop’s financial reporting has impacted its ranking among corporate Bitcoin holders. According to BitcoinTreasuries.net, the company fell to approximately 190th place from 21st. Notably, this rank alteration arises from accounting methods, not a change in Bitcoin holdings.

GameStop opted not to divest its Bitcoin despite declining prices. Instead, it chose to leverage an options strategy, selling call options with strike prices between $105,000 and $110,000. This decision netted the company premiums estimated at $2.3 million against about $700,000 in potential liabilities.

The retailer’s report also reiterates the continued possession of one Bitcoin on its balance sheet, signifying an ongoing commitment to its digital asset strategy.

“The options strategy was a calculated move to mitigate the effects of Bitcoin’s price volatility,” asserted GameStop’s management.

GameStop is keen to capitalize on opportunities for yield amid fluctuating market dynamics, with income from its options activities poised to vary with market conditions.