GameStop moves nearly all Bitcoin to Coinbase, uses 4,709 BTC for covered calls to lock about $368M

GameStop transferred nearly all of its Bitcoin holdings to Coinbase Prime and structured the coins into covered-call options, converting the position into an options-income trade and receiving about $368 million in cash upfront ^{[1] [2]}.

GameStop’s Form 10‑K filed with the SEC shows the company pledged 4,709 of its 4,710 Bitcoin to Coinbase Credit as collateral for the covered calls; the filing reports roughly $2.3 million in unrealized gains against a $131.6 million total digital-asset loss for fiscal 2025 and notes the 4,710 BTC were purchased in May 2025 for about $500 million ^{[3] [4]}.

Reports say the option structure caps the retailer’s upside — limiting gains above roughly $105,000 per BTC — and the SEC filing represents GameStop’s first public disclosure of an options-based approach to its Bitcoin treasury ^{[1] [3]}.

Reporting and the company filing present the transaction as an income-generating use of its Bitcoin holdings rather than a simple sale of the coins ^{[2] [3]}.