GameStop confirmed the existence of 4,710 Bitcoins in its 10-K report submitted to the US Securities and Exchange Commission (SEC). The company announced that Bitcoins worth approximately $368 million were still in its possession after sales allegations were made for two months. It turned out that the on-chain transfer made in January, which was mistakenly interpreted as a sale by some market watchers, was actually part of a collateral transaction.
Bitcoin was deposited as collateral, no sales were made
GameStop is known as a publicly traded company that attracts attention with its crypto buying and holding. In May 2025, he purchased a total of 4,710 Bitcoins using approximately $500 million in cash. The report shows that 4,709 of those assets were deposited with Coinbase Credit in January as collateral for an over-the-counter options strategy. Within the scope of the strategy in question, GameStop aimed to generate additional income by selling short-term call options.
Following this development, it was understood that the transfer that attracted the attention of analysts did not actually indicate a sale, but rather the representation of collateral for the option transaction. The company continues to keep the remaining BTC directly in its cold wallet. Since the brokerage firm has the right of rehypothecation, Coinbase Credit can reuse, combine or sell the secured Bitcoins.
In accordance with US accounting standards, 4,709 BTC deposited as collateral was taken directly off the balance sheet. Instead of these assets, a ‘digital asset receivable’ item was created in GameStop’s balance sheet and its value was recorded as 368.3 million dollars as of January 2026.
Dropped in the rankings due to account change
The balance sheet adjustment in question had a significant impact on the company. According to BitcoinTreasuries.net data, GameStop’s Bitcoin ranking among publicly traded companies dropped from 21st to approximately 190th. However, this change does not mean that Bitcoins have disappeared; Although ownership of the company remains, accounting practices conceal direct ownership.
Within the scope of its investment strategy, the company did not choose to sell in an environment where the Bitcoin price was in a downward trend. Instead, the decision was made to invest his current position with option premium income. The company’s option book includes short-term call options at prices ranging from $105,000 to $110,000 per Bitcoin, resulting in an estimated gain of approximately $2.3 million. On the other hand, the potential liability brought by these positions was calculated at approximately 700 thousand dollars.
One Bitcoin is still directly held on GameStop’s balance sheet. It is clearly stated in the report that the assets given as collateral are evaluated within the scope of the option strategy.
GameStop management emphasized that the options strategy is a response to Bitcoin’s recent depreciation.
It is stated that the company has turned to the options market to generate income, and the premiums obtained may vary depending on market conditions.
