GameStop (GME) has confirmed that it has held all 4,710 bitcoins in its vault, worth approximately US$368.4 million as of January 31, 2026, ending two months of sell-off speculation stemming from the onchain switch to Coinbase Prime. The disclosure, contained in the company’s 10-K annual report filed Tuesday with the Securities and Exchange Commission, officially closes the backlog that has been clouding GME’s Bitcoin position since January.
This confirmation removes 4,710 BTC from the pool of coins that the market has priced as a potential sell-side offering — a distinction that carries structural weight at a time when… Bitcoin’s institutional status remains under the microscope amid broader market volatility.
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GameStop Bitcoin File: What the Disclosure Confirms
The 10-K filing, filed with the Securities and Exchange Commission on Tuesday, reveals that GameStop pledged 4,709 of its 4,710 BTC — 99.98% of its total holdings — as collateral on Coinbase Prime as part of a covered call strategy implemented in January. The only remaining Bitcoin is unpledged.
The filing directly resolves the speculation that erupted when onchain analysts pointed to the complete transfer of GameStop’s Bitcoin to Coinbase Prime as a potential precursor to liquidation.
₿ITCOIN: GAMESTOP transfers $368 million $ Bitcoin Collectibles in Options Income Play @GameStop‘s $GME A $420 million Bitcoin transfer earlier this year was no way out, but he’s not holding the coins anymore.
In its annual report filed on Tuesday, they revealed that 4,709 bitcoins (all but 1… pic.twitter.com/VUsmaR5Z8y
-BSCN (@BSCNews) March 26, 2026
Under the covered call structure, GameStop sold short-term call options with strike prices between $105,000 and $110,000, which are scheduled to expire on Friday. The strategy allows GameStop to collect option premiums while holding onto its bitcoin if those contracts expire unexercised, as some already did in January. the 10-K filing It records an unrealized gain of $2.3 million and a liability of $700,000 associated with open options positions.
Since Coinbase Prime, as the counterparty, has the right to re-pledge the pledged coins, GameStop derecognized the assets from its balance sheet, replacing them with digital assets receivable. It was this accounting treatment, not the sale, that caused the position to disappear from standard Bitcoin treasury rankings, pushing GameStop from 21st to 190th in BitcoinTreasuries data. The coins were never sold.
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GameStop Bitcoin Treasury: Condemnation of Companies in the Old Retail Framework
GameStop’s board allowed Bitcoin as a treasury reserve asset in March 2025 — a decision notable in part because it came from a legacy video game retailer navigating structural decline in its core business. The move led to comparisons with Strategy’s model, although GameStop’s 4,710 BTC position represents a small portion of Strategy’s holdings and has been treated with much more caution, with the company holding steady at just over 4,700 BTC until the third quarter of 2025 without materially increasing its allocation.
(source: TFTC)
The overlay of a covered call indicates that GameStop is treating Bitcoin not as a passive reserve but as a yield-producing asset — a more complex deployment than a simple buy-and-hold. This distinction is important for how the situation is read by institutional analysts who rate GME as a crypto-proxy stock. GME shares are up 14% year-to-date in 2026, partly reflecting the trajectory of Bitcoin’s price and removing uncertainty from the sell-off.
The filing does not disclose the average cost of acquiring GameStop, leaving open the question of mark-to-market profitability. What it confirms is that the board’s March 2025 conviction was not reversed.
Investors will now be watching GameStop’s fiscal 2026 first-quarter earnings, expected around June 2026, for quantitative covered call income, any change in its BTC allocation, and whether the company will continue the acquisition activity that has also contributed to its stock’s year-to-date gains. The next recording cycle, not the current one, will determine whether GameStop’s Bitcoin strategy will deepen or remain at its current cautious range.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information but should not be considered financial or investment advice. Since market conditions can change rapidly, we encourage you to verify the information yourself and consult with a professional before making any decisions based on this content.
Daniel Francis is a technical writer and Web3 educator specializing in macroeconomics and DeFi mechanics. A crypto native since 2017, Daniel brings his background in cross-chain analytics to author evidence-based reports and detailed guides. It is certified by the Blockchain Council and is dedicated to providing “information gain” that cuts through the market noise to find blockchain’s real-world utility.
