Two months of speculation ended Tuesday when GameStop made the announcement certain Never sold Bitcoin. The company has pledged 4,709 of its cryptocurrencies to Coinbase Credit as collateral for a covered call options strategy, according to its annual report filed with the Securities and Exchange Commission.
Onchain analysts sounded the alarm in January
When onchain trackers discovered that GameStop was completely moving Bitcoin Coinbase put Prime in January, and the assumption spread quickly — the company was selling. This reading turned out to be wrong. The transfer was part of a structured options game, not an exit.
GameStop sold covered call contracts with strike prices between $105,000 and $110,000, and they are scheduled to expire on Friday. Under this setup, the company collects premiums up front and keeps the bitcoin if buyers walk away without exercising the options. Some January contracts have already expired without being executed.
The company is still standing One bitcoin Which was kept outside the collateral arrangement. The 4,709 pledged coins remain on the books – and have just been reclassified.
BTCUSD trading at $67,312 on the 24-hour chart: TradingView
Why do coins no longer appear as saved directly?
Because Coinbase Credit can reuse the pledged assets – a practice called re-pledge – GameStop It removed 4,709 coins from its balance sheet as direct property and recorded them instead as digital assets receivable. The company said in the filing that despite the nomenclature change, its exposure to Bitcoin price movements did not change.
This exposure was not painless. The value of pledged coins stood at $368 million as of January 31, with an amount remaining outstanding loss Just over $59 million was recorded on that date. Bitcoin is down nearly 45% from its record high. The filing also shows an unrealized gain of $2.3 million and a liability of $700,000 associated with the options position.
GameStop got into Bitcoin after Cohen’s meeting with Saylor
Reports indicate that CEO Ryan Cohen met strategy Chairman Michael Saylor in early 2025 to discuss the company’s Bitcoin strategies. GameStop announced its move into Bitcoin shortly after. Before the Coinbase move, the company was among the top 25 bitcoin holders by volume, according to bitcointreasuries.net.
The SEC filing closes the chapter on what many see as an imminent exit. GameStop holds its own Bitcoin. It’s losing money on paper. She is now using this position to generate income while she waits.
Featured image from Shutterstock, chart from TradingView
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