GameStop Confirms It Holds 4,710 BTC Valued at Approximately $368 Million

GameStop has reaffirmed its cryptocurrency holdings in a recent SEC filing, confirming that it still possesses 4,710 BTC, worth about $368 million. This news clears up speculation regarding a previous on-chain transfer, which was misinterpreted as a sale but was, in fact, part of a covered-call strategy.

Key Takeaways

GameStop's Holdings: The company holds 4,710 BTC— 4,709 BTC used as collateral on Coinbase Prime and one BTC directly owned.
Covered-Call Strategy: GameStop employed short-dated call options with strike prices ranging from $105,000 to $110,000 per BTC, leading to an unrealized gain of $2.3 million against a $700,000 liability.
Accounting Adjustments: Due to Coinbase Credit's rehypothecation rights, these BTC are not listed on GameStop's balance sheet, dropping its public holder ranking from 21st to 190th.

GameStop Crypto holdings confirmed: the company has 4,710 BTC valued at $368 million, linked to a covered-call strategy.

GameStop’s Position and Strategy

In its recent 10-K report submitted to the SEC, GameStop clarified that it pledged 4,709 BTC to Coinbase Credit as collateral for a covered-call options strategy initiated in January, rather than liquidating its assets.

The company originally acquired these 4,710 BTC in May 2025 for approximately $500 million. This investment now reflects an unrealized loss of about $131.6 million for the fiscal year 2025.

GameStop’s Investment Strategy

The transfer that sparked concern about a possible liquidation was actually a preparatory step for the collateral agreement with Coinbase, not a sign of selling off holdings.

Given that Coinbase Credit possesses rehypothecation rights—allowing it to reuse or sell assets pledged as collateral—GameStop was required to reclassify its 4,709 BTC. Instead of including them on the balance sheet, the company now shows a digital asset receivable valued at $368.3 million as of January 31, 2026. This change shifts GameStop's ranking among public company Bitcoin holders, now sitting around 190th, because the accounting methods mask the direct ownership despite holding one BTC outright.

GameStop’s move to utilize a covered-call strategy comes in light of Bitcoin's significant drop, approximately 45% from its peak. Instead of selling during a downturn or passively maintaining its investments, the company opted to generate income through premium earnings by offering call options that enable buyers to purchase its Bitcoin at specified prices, retaining the premium if the options expire unused.

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