GameStop has quietly repositioned nearly all of its Bitcoin holdings — moving all but one of its 4,709 BTC into a covered call options strategy through Coinbase Prime, according to its 10-K annual report filed with the SEC.

The retailer, which originally spent more than $500 million acquiring Bitcoin in May 2025, has seen the value of those holdings fall significantly as Bitcoin has slipped from highs above $87,000 to around $67,000.

What Changed

In a covered call arrangement, GameStop retains economic exposure to the asset while selling call options against it — collecting premium income in exchange for capping its upside if Bitcoin rallies above the strike price. The strategy is commonly used to generate yield on idle assets.

The accounting impact is notable: by pledging the Bitcoin as collateral through Coinbase Prime, the holdings are now classified as a receivable rather than an intangible asset. That changes how any gains or losses flow through GameStop's quarterly earnings statements.

The terms also grant Coinbase Prime the right to "rehypothecate, commingle, or unilaterally sell" the Bitcoin — meaning GameStop's BTC could be sold without the company initiating the transaction.

CEO Signals Shifting Priorities

CEO Ryan Cohen has hinted at wavering conviction. In February 2026, Cohen declined to rule out selling the Bitcoin position when asked by CNBC, saying the company's acquisition opportunities were "way more compelling than Bitcoin."

The move reflects a broader tension in the corporate Bitcoin treasury playbook. While Strategy continues to accumulate, other companies that followed its lead are navigating declining valuations — and looking for ways to make their idle holdings work harder.