GameStop’s newest annual submitting has cleared up months of hypothesis about what occurred to the corporate’s bitcoin holdings — it didn’t promote them.
Onchain analysts had extensively speculated that GameStop exited its total bitcoin place amid a roughly 45% value drawdown from its all-time excessive.
The ten-Okay filed with the SEC tells a distinct story.
What the submitting really exhibits
Based on the report, GameStop pledged all 4,709 BTC as collateral with Coinbase Credit score as a part of a covered-call technique entered within the fourth quarter of fiscal 2025.
The corporate said within the submitting:
“Within the fourth quarter of fiscal 2025, we entered into an settlement with Coinbase Credit score, Inc., beneath which we offered lined name choices on a portion of the bitcoin we personal.”
Technique
The technique permits GameStop to earn premium revenue from the choices whereas capping its upside if bitcoin surges above the strike costs, which had been set between $105,000 and $110,000.
As of January 31, the contracts had resulted in a $700,000 legal responsibility and an unrealized acquire of roughly $2.3 million.
A number of the covered-call contracts expired unexercised after the fiscal 12 months ended, the submitting famous.
Management transferred to Coinbase
The association comes with a big caveat: Coinbase Credit score retained the suitable to “rehypothecate, commingle, or unilaterally promote” the pledged bitcoin, that means GameStop now not controls the cash instantly.
Due to this, GameStop derecognized the bitcoin as an intangible asset and as a substitute recorded a digital property receivable of $368.3 million on its stability sheet as of January 31, 2026.
The corporate additionally recorded an unrealized lack of $59.7 million in digital asset receivables throughout fiscal 12 months 2025, reflecting bitcoin’s decline from the degrees at which it initially acquired the place.