GameStop Pledged 4,709 BTC as Collateral for Covered Calls, SEC Filing Shows
In its fiscal 2025 annual report filed with the SEC, GameStop said it had pledged 4,709 of its 4,710 bitcoin as collateral to Coinbase Credit to support a covered-call options program. The disclosure confirms the firm maintained nearly all of its BTC holdings rather than liquidating them, using options to generate premium income while preserving upside exposure.
The strategy highlights a maturation of corporate crypto management: covered calls can provide predictable yield but cap upside and create counterparty and collateral risks tied to Coinbase Credit. For investors and the market, the filing signals continued institutional conviction in bitcoin as a treasury asset and shows GameStop favoring income generation over outright sales—a potentially bullish sign for long-term holders, though not without operational and market risks.