GameStop confirms Bitcoin not sold in Coinbase covered calls

GameStop says it did not sell its Bitcoin after a Coinbase Credit arrangement, and that its economic exposure to Bitcoin remains unchanged, according to its latest annual filing. In its fiscal 2025 Q4 agreement, GameStop used a covered-call options strategy instead of liquidating. It pledged 4,709 BTC (leaving 1 BTC unpledged) as collateral on Coinbase Prime, so the company derecognized the pledged Bitcoin and recorded a digital asset receivable. The filing states this accounting change was driven by Coinbase Credit’s rights to rehypothecate/commingle and potentially sell the pledged BTC, not by an exit from the position. Key trading-linked details: call strike prices were around $105,000–$110,000 and the options were set to expire “on Friday” (per the report). As of Jan. 31, the open options created about a $0.7M liability and roughly a $2.3M unrealized gain. GameStop also disclosed about a $59.7M unrealized loss tied to the digital asset receivables for fiscal 2025. For crypto traders, the disclosure reduces the “potential sell-off/supply” narrative tied to GameStop Bitcoin and may ease liquidation-fear volatility, but the structure remains options-based, with upside capped if Bitcoin rallies above the call strikes.