GameStop has quashed speculation that it has sold its Bitcoin treasury. The video game retailer instead pledged nearly all its holdings as collateral for an income-generating covered call strategy with Coinbase Credit.
GameStop Quashes Rumoured Bitcoin Sale, Tokens Pledged for Options Deal
27 March 2026 - 09:00 CET
In its annual 10-K filing, GameStop disclosed that it used the Bitcoin to back options contracts in the fourth quarter. The transaction triggered a reclassification of the assets on its balance sheet.
The move marks a shift from direct ownership to a structured arrangement. GameStop retains its economic exposure to Bitcoin while generating additional income through the options strategy.
The company first bought the Bitcoin in the second quarter of fiscal year 2025 as part of its corporate treasury accumulation model. Speculation that it had abandoned the plan intensified in late January after large transfers appeared onchain.
The latest filing clarifies that GameStop still has the contractual right to receive the equivalent Bitcoin in the future. “Although the classification of these assets has changed, our economic exposure is consistent with direct ownership of the underlying Bitcoin,” the company said.
Under the agreement, Coinbase Credit can reuse, lend out or sell the pledged Bitcoin. GameStop recorded a net loss on its digital assets and related receivables, driven largely by the decline in Bitcoin’s price.
