GameStop (GME) has confirmed it retained all 4,710 Bitcoin in its treasury, valued at approximately $368.4 million as of January 31, 2026, ending two months of sell-off speculation triggered by an onchain transfer to Coinbase Prime. The disclosure, contained in the company’s 10-K annual report filed Tuesday with the Securities and Exchange Commission, formally closes the overhang that had shadowed GME’s Bitcoin position since January.
The confirmation removes 4,710 BTC from the pool of coins the market had priced as potential sell-side supply — a distinction that carries structural weight at a moment when institutional Bitcoin positioning remains under scrutiny amid broader market volatility.
GameStop Bitcoin Filing: What the Disclosure Confirms
The 10-K filing, submitted to the SEC on Tuesday, reveals that GameStop pledged 4,709 of its 4,710 BTC — 99.98% of its total holdings — as collateral on Coinbase Prime as part of a covered-call strategy executed in January. The single remaining Bitcoin sits unpledged.
The filing directly resolves speculation that erupted when onchain analysts flagged the full transfer of GameStop’s Bitcoin to Coinbase Prime as a potential precursor to liquidation.
₿ITCOIN: GAMESTOP CONVERTS $368M $BTC HOLDINGS INTO OPTIONS INCOME PLAY @GameStop's $GME $420 million bitcoin transfer earlier this year was not an exit, but it's not holding the coins anymore either.
In its annual report filed Tuesday, they revealed that 4,709 BTC (all but 1… pic.twitter.com/VUsmaR5Z8y
— BSCN (@BSCNews) March 26, 2026
Under the covered-call structure, GameStop sold short-dated call options with strike prices between $105,000 and $110,000, set to expire this Friday. The strategy allows GameStop to collect option premiums while retaining its Bitcoin if those contracts expire unexercised, as some already did in January. The 10-K filing records a $2.3 million unrealized gain and a $700,000 liability tied to the open options positions.
Because Coinbase Prime, as counterparty, holds the right to rehypothecate the pledged coins, GameStop derecognized the assets from its balance sheet, replacing them with a digital asset receivable. That accounting treatment, not a sale, is what caused the position to disappear from standard Bitcoin treasury rankings, pushing GameStop from 21st to 190th place in BitcoinTreasuries data. The coins were never sold.
GameStop Bitcoin Treasury: Corporate Conviction in a Legacy Retail Frame
GameStop’s board authorized Bitcoin as a treasury reserve asset in March 2025 — a decision notable partly because it came from a legacy brick-and-mortar video game retailer navigating structural decline in its core business. The move drew comparisons to Strategy’s model, though GameStop’s 4,710 BTC position is a fraction of Strategy’s holdings and was approached with considerably more caution, with the company holding steady at just over 4,700 BTC through Q3 2025 without meaningfully increasing its allocation.
(Source: TFTC)
The covered-call overlay suggests GameStop is treating Bitcoin not as a passive reserve but as a yield-generating asset — a more sophisticated deployment than simple buy-and-hold. That distinction matters for how the position is read by institutional analysts assessing GME as a crypto-proxy equity. GME shares are up 14% year-to-date in 2026, partly reflecting Bitcoin’s price trajectory and the clearing of the sell-off uncertainty.
The filing does not disclose GameStop’s average acquisition cost, leaving the question of mark-to-market profitability open. What it does confirm is that the board’s March 2025 conviction has not reversed.
Investors will now watch GameStop’s Q1 FY2026 earnings, expected around June 2026, for quantified covered-call income, any change to the BTC allocation, and whether the company pursues the acquisition activity that has also contributed to its year-to-date stock gains. The next filing cycle, not the current one, will determine whether GameStop’s Bitcoin strategy deepens or holds at its current cautious scale.
