GameStop pledges 4,709 BTC to Coinbase, sells calls, nets $368M
GameStop didn’t dump its Bitcoin. Its latest 10‑K shows a covered‑call deal with Coinbase that swaps most coins for cash and a receivable. GameStop FY2025 10‑K.
On paper, the company now holds 1 BTC. It pledged 4,709 of 4,710 BTC to Coinbase, raised about $368 million, and capped upside near $105k–$110k per BTC. GameStop FY2025 10‑K.
Mechanics
- Structure: covered calls written on pledged BTC
- Proceeds: upfront cash premium plus receivable
- Economics: income today, upside capped above strike
Coinbase can rehypothecate, commingle, or sell the pledged BTC. Accounting rules force derecognition and booking a “digital asset receivable” instead of coins on balance sheet. GameStop FY2025 10‑K.
This is not a MicroStrategy‑style HODL. It’s BTC as a yield instrument via options and collateral. GameStop FY2025 10‑K.
Why now? Revenue fell about 25% year over year and ~14% in Q4 2025. The covered‑call proceeds pull forward cash. GameStop FY2025 10‑K.
For Bitcoin‑linked equity trades, note the cap. Above the strike, most upside flows to options counterparties, while GameStop keeps a fixed‑income‑style return profile. GameStop FY2025 10‑K.
