GameStop has converted its $368 million Bitcoin holdings into an options yield strategy

March 27th, according to CoinDesk, GameStop disclosed in its annual report that 4709 of its 4711 held Bitcoins have been staked to Coinbase as collateral for an over-the-counter (OTC) covered call strategy. The company generates royalty income by selling short-term call options with strike prices between $105,000 and $110,000, while retaining upside potential for Bitcoin. This strategy means its Bitcoin holdings are no longer classified as directly held assets but are recorded as receivables. Because Coinbase can re-pledge or redeploy the staked Bitcoins, GameStop no longer classifies these assets as directly held. The company reported that receivables related to staked Bitcoin amounted to $368.3 million at the end of the fiscal year, along with an unrealized loss of $59.7 million due to a decline in Bitcoin's price. This disclosure clarifies the nature of the transaction, dispelling previous market speculation that GameStop might sell its Bitcoin holdings. Previously, Emmett Gallic also pointed out that GameStop purchased 4711 Bitcoins for $500 million in May 2025. In January of this year, 4709 of these Bitcoins were staked to Coinbase Credit as collateral for covered call operations. This move resulted in the removal of these Bitcoin assets from the balance sheet and the recognition of $368.3 million in receivables, leading to a net loss of $131.6 million.