GameStop did not sell its Bitcoin holdings in January 2026.
According to the company’s 10-K annual report filed with the SEC on March 24, 2026 (covering the fiscal year ended January 31, 2026), GameStop pledged 4,709 BTC (out of its total 4,710 BTC holdings) as collateral with Coinbase Credit as part of a covered-call options strategy. This move, executed in the fourth quarter of fiscal 2025, generated premium income while capping upside potential at strike prices between $105,000 and $110,000 per BTC, with contracts maturing through March 27, 2026.
Key Details from the Filing
- The transfer to Coinbase Prime in January sparked speculation of a full exit, but the filing clarifies it was operational collateral, not a sale.
- GameStop derecognized the pledged Bitcoin as an intangible asset due to Coinbase Credit’s rights to rehypothecate, commingle, or sell it. In its place, it recorded digital assets receivable valued at $368.3 million as of January 31, 2026.
- The company reported a $700,000 liability linked to the options and a $2.3 million unrealized gain from the strategy. It also booked an unrealized loss of $59.7 million on the digital assets receivable during fiscal 2025.
- One Bitcoin remained directly on the balance sheet.
This strategy allows GameStop to earn yield on its Bitcoin position without selling the underlying asset, while retaining economic exposure (subject to the call options). After the fiscal year-end, some contracts expired unexercised, but the collateral remained with Coinbase Credit.
Market Context
At the time of the transfer, Bitcoin was trading near all-time highs. The covered-call approach reflects a conservative income-generating tactic amid volatility, similar to strategies used by other corporate treasuries, but with added complexity due to rehypothecation risk.
GameStop’s overall Bitcoin strategy has not been highly profitable so far, with the company noting significant exposure to price fluctuations. As of the latest available data, Bitcoin trades around $68,976 (down ~2.7% in the prior 24 hours).
Investor Takeaway
The filing ends speculation of a full Bitcoin sale and shows GameStop is actively using its holdings for yield rather than exiting. However, the pledge transfers control to Coinbase Credit, introducing counterparty risk. Investors should monitor GameStop’s future filings for updates on the options and any potential exercise or renewal.
Note: This is based on GameStop’s official SEC 10-K filing. Always review primary documents and consult professional advisors for investment decisions. Cryptocurrency markets are highly volatile.
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