GameStop has renewed a covered-call options arrangement with Coinbase Credit, keeping nearly all of its Bitcoin tied up in contracts that trade away potential price gains for upfront cash. The deal, disclosed in a quarterly SEC filing, covers the three months through May 2. The pledged coins no longer count as direct holdings and are recorded as a $369.6 million claim for repayment, about $58 million below their cost. Selling the options brought in $5.8 million over the period. The strike price on the rolled contracts fell to $80,000 from a range of $105,000-$110,000, putting the coins closer to the level at which Coinbase could claim them. The strategy generates income from the Bitcoin without selling the underlying coins, but caps upside if Bitcoin climbs past the strike and adds counterparty risk. GameStop began building its Bitcoin position in March last year, borrowing $1.5 billion. The Bitcoin stash contributed only about $1 million to earnings for the quarter, while the company posted a record net income of about $390 million, mostly from interest and paper gains on eBay options. Bitcoin traded near $63,900 Friday morning, down about 34% from the year's high.

Key facts

• GameStop renewed covered-call options deal with Coinbase Credit, pledging nearly all its Bitcoin.
• Pledged coins recorded as $369.6M claim, $58M below cost; options brought $5.8M premium.
• Strike price fell to $80,000 from $105,000-$110,000, increasing risk of coins being claimed.
• Bitcoin stash contributed only ~$1M to earnings vs. record net income of ~$390M.
• Bitcoin traded at ~$63,900, down 34% from 2025 high and well below GameStop's cost.

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