Key Points
- GameStop confirmed it retains 4,710 Bitcoin, dispelling sell-off speculation.
- Most holdings pledged to Coinbase Prime for a covered-call options strategy.
GameStop (GME) confirmed it retained all 4,710 Bitcoin valued at about $368.4 million as of January 31, 2026.
The disclosure was made in its annual 10-K filing with the US Securities and Exchange Commission, ending months of speculation about a potential liquidation.
Market concerns had intensified after an onchain transfer of the company’s full BTC balance to Coinbase Prime earlier this year.
By confirming the holdings remain intact, the company removed 4,710 BTC from perceived near-term sell-side supply during a period of heightened scrutiny around institutional positioning in Bitcoin.
Details of the 10-K Filing
According to the filing, 4,709 of the 4,710 BTC were pledged as collateral with Coinbase Prime as part of a covered-call strategy executed in January, leaving one Bitcoin unpledged.
The transfer had previously triggered concerns that the company was preparing to sell its holdings.
Instead, the firm sold short-dated call options with strike prices between $105,000 and $110,000, collecting option premiums while retaining ownership if contracts expire unexercised.
The 10-K reports a $2.3 million unrealized gain and a $700,000 liability tied to open options positions.
Because Coinbase Prime holds the right to rehypothecate the pledged BTC, the company derecognized the digital assets on its balance sheet and recorded a digital asset receivable instead.
This accounting treatment, rather than a sale, led to its drop in public Bitcoin treasury rankings.
Bitcoin as a Treasury Strategy
The board authorized Bitcoin as a treasury reserve asset in March 2025, positioning the retailer among public companies holding BTC on their balance sheets.
Compared to larger corporate holders, the company’s 4,710 BTC allocation remains modest and has not significantly increased through late 2025.
The use of a covered-call overlay signals an approach that treats BTC as a yield-generating asset rather than a passive reserve.
Shares of GME are up 14% year-to-date in 2026, reflecting both Bitcoin’s price movement and the resolution of sell-off concerns.
The filing does not disclose the company’s average BTC acquisition cost, leaving its mark-to-market profitability unspecified.
Investors are expected to monitor the upcoming Q1 FY2026 earnings report for further details on options income, BTC allocation changes, and broader capital strategy developments.
