Gamestop's Bitcoin Holdings Used as Collateral for Covered-Call Options Strategy

Gamestop's decision to use its entire bitcoin holdings as collateral for a covered-call options strategy has been confirmed through a recent SEC filing.

The company transferred its bitcoin stack to Coinbase Prime in January 2026, and pledged 4,709 of its 4,710 BTC as collateral under a Collateral Agreement with Coinbase Credit, Inc.

Under the agreement, Gamestop sold over-the-counter covered-call options against 4,709 BTC, with strike prices ranging from $105,000 to $110,000 per coin and maturities extending through March 27, 2026. The company retains economic exposure to bitcoin below the strike prices.

The move was detailed in Gamestop's fiscal 2025 annual report filed with the SEC on March 24, 2026, which showed that the company recorded a $131.6 million loss on digital assets and related receivables for the fiscal year ended January 31, 2026.