"Gamestop transferred its entire bitcoin stack to Coinbase Prime on or around January 16, 2026, which triggered widespread rumors about an exit from the crypto asset. The filing clarified that the transfer was operational, not a liquidation."
"Under the Collateral Agreement with Coinbase Credit, Inc., Gamestop sold over-the-counter covered-call options against 4,709 BTC, 99.98% of its holdings, with strike prices ranging from $105,000 to $110,000 per coin."
"Gamestop originally purchased 4,710 BTC in May 2025 for approximately $500 million in cash, at an average cost basis of roughly $106,000 to $107,900 per coin."
"Under U.S. GAAP, Gamestop derecognized the 4,709 BTC from its balance sheet and recorded a digital assets receivable valued at $428 million at derecognition and $368.3 million as of January 31, 2026."
Gamestop filed its Form 10-K on March 24, 2026, detailing the transfer of 4,709 BTC to Coinbase Prime. This transfer triggered rumors of a crypto exit but was clarified as operational. Gamestop sold covered-call options against its bitcoin holdings, allowing it to collect premiums while maintaining exposure. The company derecognized the BTC from its balance sheet under U.S. GAAP, resulting in a significant drop in its ranking among corporate bitcoin holders. Despite this, Gamestop maintains that its economic exposure to bitcoin remains intact.
Read at news.bitcoin.com
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