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Ahmed Balaha
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GameStop’s Tuesday 10-K filing with the SEC confirmed that the company is still operating 4,710 BTC about $368 million, ending two months of speculation that was sparked by an onchain transfer that looked like a crypto transaction but was actually a way to generate revenue.
- Position confirmed: GameStop Games they hold 4,709 BTC pledged as collateral Coinbase Prime including one BTC held directly, total 4,710 BTC – no sale was made.
- Techniques covered: The company sold long-term call options with average rates $105,000 and $110,000 on BTC ends today, March 27, making a $2.3 million unrealized gains versus a $700,000 position on the book of options.
- Calculation results: Because Coinbase coinThe right of rehypothecation, US GAAP required a restriction of recognition 4,709 BTC from GameStop’s inventory pages, instead of digital products that can be found – bringing the total down to approx. 190 is among public companies that own Bitcoin.
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GameStop Confirmed to Handle Bitcoin, Bullish for Crypto?
The A 10-K was filed with the SEC shows GameStop pledged 4,709 BTC to Coinbase Loans in January as collateral for the over-the-counter system, so they don’t get out of the position.
The company bought 4,710 BTC in May 2025 for about $500 million, putting the Bitcoin earnings at levels that now represent a loss of $131.6 million in digital assets in the 2025 financial year.
The January onchain transfer of Coinbase Prime that experts were surprised was preparing a collateral agreement, not a liquidation token.
Because Coinbase Credit has a right of reversion, meaning it can reuse, combine, or sell the pledged funds, US GAAP forced GameStop to stop recognizing 4,709 BTC in its total revenue. The company is now recording digital returns of $368.3 million as of January 31, 2026, instead of the BTC line.
That distinction is important for comparative reasons. BitcoinTreasuries.net changed GameStop’s ranking from 21st to about 190th among public companies, not because the money is gone, but because the accounting treatment hides direct ownership. One BTC remains stored directly on the GameStop website.
GameStop’s covered pivot is in direct response to Bitcoin’s 45% drop from its all-time high.
Instead of selling weakly or staying silent with unexpected losses, the company decided to make the money it had through high-value investments, sell call options that give buyers the right to buy its BTC at $ 105,000-$ 110,000, and put it in the pocket if the options expire without execution.
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