GameStop Transforms Bitcoin Holdings into Options Strategy
- GameStop pledged 4,709 BTC to Coinbase as part of a covered-call strategy.
- The company reported a receivable of $368.3 million linked to the pledged bitcoin.
- GameStop’s options have strike prices between $105,000 and $110,000 with expiries through late March.
- The firm recorded a $59.7 million unrealized loss due to bitcoin’s price decline.
- After fiscal year-end, some covered-call contracts expired unexercised while collateral remained with Coinbase Credit.
This shift in strategy indicates that GameStop is no longer holding bitcoin directly but instead has economic exposure through derivatives tied to its pledged assets at Coinbase.
As of the fiscal year-end, GameStop’s receivables from its bitcoin position were valued at $368.3 million, reflecting a significant change from its previous buy-and-hold approach.(Source)
