GameStop, the well-known US video game retailer, has officially confirmed in its latest annual 10-K filing to the Securities and Exchange Commission (SEC) that it still holds 4,710 Bitcoin, currently valued at approximately $368 million. The company’s statement puts to rest speculation over the past two months that the company had sold off its large Bitcoin stake. Contrary to those rumors, GameStop clarified that an on-chain transfer in January, previously interpreted by some market analysts as a potential sale, was in fact part of a collateral arrangement.
Collateralized Bitcoin, not a sell-off
GameStop, which has made headlines for its active involvement with cryptocurrency, previously purchased these 4,710 Bitcoin using around $500 million in cash in May 2025. According to the recent filing, 4,709 of these Bitcoin were deposited with Coinbase Credit in January as collateral for an over-the-counter (OTC) options strategy. This approach allowed GameStop to generate additional revenue by selling short-term call options on its Bitcoin holdings.
Analysts who flagged the on-chain transaction initially feared it indicated an outright sale. However, further examination revealed the transfer was solely for the purpose of supporting the options trades, not a liquidation event. GameStop continues to hold the remaining one Bitcoin in its own cold wallet for direct custody. With Coinbase Credit having rehypothecation rights, it can reuse, combine, or even sell the pledged Bitcoin, as permitted by standard brokerage practices.
In compliance with United States accounting standards, the 4,709 Bitcoin used as collateral have been removed from GameStop’s direct balance sheet. Instead, these assets are now recorded as “digital asset receivables,” listed at $368.3 million as of January 2026, reflecting the value of the collateral at that point in time.
Ranking drops after accounting change
This change in reporting had a notable impact on GameStop’s public rankings among corporate Bitcoin holders. Data from BitcoinTreasuries.net now places GameStop around 190th, down from its previous 21st position. Despite the lower ranking, the company still owns the same quantity of Bitcoin—only the recognition of direct ownership has shifted due to the accounting approach.
As Bitcoin’s value trended lower, GameStop opted not to sell any of its holdings. Instead, the company adopted an income-generating option strategy, selling short-dated call options with strike prices between $105,000 and $110,000 per Bitcoin. This initiative yielded estimated premiums of $2.3 million, while the potential liability linked to these positions was calculated at roughly $700,000.
The filing confirms that GameStop still maintains direct control of one Bitcoin on its balance sheet. The remainder, held as collateral, continues to back the company’s options strategy as part of its broader financial planning.
The company’s management emphasized that the options strategy was a deliberate response to Bitcoin’s recent price volatility, highlighting its role in offsetting the digital asset’s depreciation.
GameStop’s foray into options markets is clearly motivated by the pursuit of yield opportunities, even as the premium income generated by these trades will continue to fluctuate with evolving market conditions.
