GameStop deployed its 4,710 BTC on Coinbase Prime into an options strategy—not for sale, but as collateral in a covered call options approach. The company sold short-term call options over-the-counter with strike prices between $105,000 and $110,000, maintaining BTC exposure while generating premium income. The BTC is now classified as a receivable asset, with the right to reclaim an equivalent amount of BTC from the counterparty. Due to rehypothecation, the position carries derivative exposure and counterparty risk. As of year-end, the asset was valued at $368.3 million, reflecting an unrealized loss of $59.7 million. The company also reported $700,000 in option liabilities and $2.3 million in unrealized gains.

ChainCatcher report: GameStop disclosed that its previously transferred approximately 4,710 BTC to Coinbase Prime were not sold, but rather pledged as collateral to participate in a covered call strategy to generate option premium income. The company sold short-term call options over-the-counter (OTC) with strike prices ranging from $105,000 to $110,000, generating income while maintaining exposure to Bitcoin, though at the cost of capping potential upside gains. Due to this structure, GameStop no longer directly holds Bitcoin assets; instead, it records them as "receivables"—the right to reclaim an equivalent amount of BTC from the counterparty in the future. Since the pledged collateral may be rehypothecated or reused, its position has been transformed into a derivatives exposure with counterparty risk. Financial statements show that, as of the end of the fiscal year, the receivables related to this strategy were valued at approximately $368.3 million, alongside an unrealized loss of approximately $59.7 million (due to a decline in Bitcoin’s price). Additionally, the company recognized approximately $700,000 in option liabilities and $2.3 million in unrealized gains.