Overview
- GameStop, in a 10-K filed Tuesday, said it pledged 4,709 of its 4,710 BTC to Coinbase Credit under an over-the-counter covered-call program.
- The company wrote short-dated call options with $105,000 to $110,000 strikes that expired in late March, which generated premium income and left some contracts unexercised.
- Because Coinbase can rehypothecate the collateral, GameStop derecognized the coins and recorded a $368.3 million digital asset receivable.
- The filing showed about $2.3 million in unrealized gains on the options, a $700,000 options liability, and a $59.7 million unrealized loss tied to Bitcoin’s price drop.
- The disclosure resolves January sell-off speculation tied to an on-chain transfer and explains why public treasury rankings no longer list most of GameStop’s BTC as directly held.