GameStop's latest filing shows it did not sell $324 million worth of bitcoin (BTC) in January, contrary to wide speculation that it had exited the bitcoin position it acquired in 2025.
According to a 10-K report filed with the Securities and Exchange Commission earlier this week, GameStop (GME) revealed that it pledged 4,709 BTC as collateral with Coinbase Credit as part of a covered-call strategy.
"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," the video game retailer said.
The latest filing dispels earlier speculation among onchain analysts that GameStop may have divested its entire holdings amid bitcoin's 45% drop from its October all-time high.
The covered-call strategy allows GameStop to earn additional yield from option premiums on its bitcoin collateral, with strike prices set between $105,000 and $110,000. This approach caps upside potential if bitcoin surges above those levels but provides income and maintains the company's overall exposure to BTC. This agreement is set to expire on Friday, per the filing.
As of Jan. 31, the call option contracts resulted in a $700,000 liability and an unrealized gain of roughly $2.3 million. Following the fiscal year ending on Jan. 31, some of the covered-call contracts expired unexercised, the report added.
GameStop noted that under the agreement, Coinbase Credit retained the right to "rehypothecate, commingle, or unilaterally sell" the pledged bitcoin, and that the control of the bitcoin has effectively been transferred to the counterparty.
"Accordingly, we derecognized the Pledged Bitcoin as an intangible asset and recognized digital assets receivable of $368.3 million within 'Digital assets and related receivables' on our Consolidated Balance Sheets as of January 31, 2026," the company stated, adding that its exposure to bitcoin is consistent with direct ownership of the cryptocurrency.
In compliance with the updated classification, GameStop said it recorded an unrealized loss of $59.7 million in digital asset receivables during fiscal year 2025.
According to The Block's crypto price page, bitcoin was trading at $68,976 as of 10:20 p.m. Thursday ET, down 2.7% in the past 24 hours.
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