{"id":70266,"date":"2026-03-27T00:06:19","date_gmt":"2026-03-27T00:06:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/company-used-btc-holdings-for-covered-calls-sec-filing-shows-crypto-news-bitcoin-news\/"},"modified":"2026-03-27T00:06:19","modified_gmt":"2026-03-27T00:06:19","slug":"company-used-btc-holdings-for-covered-calls-sec-filing-shows-crypto-news-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/company-used-btc-holdings-for-covered-calls-sec-filing-shows-crypto-news-bitcoin-news\/","title":{"rendered":"Company Used BTC Holdings for Covered Calls, SEC Filing Shows \u2013 Crypto News Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Gamestop Fiscal 2025 Annual Report<\/h2>\n

The Form 10-K<\/a>, filed with the SEC on March 24, 2026, covers the period ended January 31, 2026. It details how Gamestop transferred<\/a> its entire bitcoin<\/a> stack to Coinbase Prime on or around January 16, 2026, a move that had triggered widespread rumors about an exit from the crypto<\/span> asset. The filing clarified that the transfer was operational, not a liquidation<\/span>.<\/p>\n

Under the Collateral Agreement with Coinbase<\/a> Credit, Inc., Gamestop sold over-the-counter<\/span> covered-call options against 4,709 BTC<\/span> \u2014 99.98% of its holdings \u2014 with strike prices ranging from $105,000 to $110,000 per coin and maturities extending through March 27, 2026. One single bitcoin<\/span> remained directly on the company\u2019s balance sheet.<\/p>\n

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Gamestop originally purchased 4,710 BTC<\/span> in May 2025 for approximately $500 million in cash, at an average cost basis of roughly $106,000 to $107,900 per coin. The board had amended its Investment Policy in March 2025 to include bitcoin<\/span> and U.S. dollar-denominated stablecoins<\/a> as treasury reserve assets.<\/p>\n

The covered-call structure allows Gamestop<\/a> to collect upfront option premiums while retaining economic exposure to bitcoin<\/span> below the strike prices. If bitcoin<\/span> remains under the strikes at expiration, the contracts expire worthless, and the company keeps the premiums. If bitcoin<\/span> trades above the strikes, the calls can be exercised, and upside is capped at the strike price plus premiums received.<\/p>\n

Because Coinbase Credit holds the right to rehypothecate, commingle, or sell the pledged bitcoin<\/span>, Gamestop determined that control of the assets had transferred. Under U.S. GAAP, it derecognized the 4,709 BTC<\/span> from its balance sheet and recorded a digital assets<\/a> receivable valued at $428 million at derecognition and $368.3 million as of January 31, 2026.<\/p>\n

That accounting treatment dropped Gamestop\u2019s ranking among corporate bitcoin<\/span> holders from approximately 21st globally to 190th. The company states its economic exposure \u201cremains consistent with direct ownership of the underlying bitcoin<\/span>.\u201d<\/p>\n

\"Gamestop
Screenshot of Gamestop\u2019s Form 10-K.<\/figcaption><\/figure>\n

For fiscal 2025, Gamestop recorded a total $131.6 million loss on digital assets and related receivables \u2014 3.6% of net sales. That figure breaks down as a $71.8 million realized loss upon derecognition, a $59.7 million unrealized loss on the receivable reflecting bitcoin<\/span>\u2019s price decline, and a $0.1 million remeasurement loss on the retained coin. The options produced a $2.3 million unrealized gain, partially offset by a $0.7 million derivative liability.<\/p>\n

Bitcoin<\/span> was trading near $68,000 to $69,000 at the time of the filing, well below the $105,000 to $110,000 strike prices. That placed the calls out-of-the-money, meaning Gamestop was on track to retain the premiums as income if prices held steady through expiration.<\/p>\n

The 10-K lists several risks tied to the strategy, including bitcoin<\/span> price volatility<\/span>, counterparty credit exposure if Coinbase defaulted, and rehypothecation risk that obscures legal title to the collateral. The filing also notes regulatory and accounting uncertainty around crypto<\/span> assets broadly.<\/p>\n

Gamestop did not issue a press release on the collateral pledge. Details surfaced through the SEC<\/a> filing and onchain data monitoring earlier this year. As of today, the company had not announced further bitcoin<\/span> purchases or changes to the position following the expiration of the initial call contracts.<\/p>\n

The approach contrasts with companies like Strategy, which have pursued open-ended bitcoin<\/span> accumulation without derivatives overlays. Gamestop<\/a>\u2018s structure is oriented toward premium income, while the position sits at an unrealized loss relative to its cost basis. No additional information about post-expiration activity or new option contracts has been disclosed.<\/p>\n

FAQ \ud83d\udd0e<\/h2>\n