GameStop pledged 4,709 Bitcoin of its 4,710 Bitcoin stash to Coinbase as part of an options-trading strategy. The deal provides immediate cash of about $368 million, but caps gains if Bitcoin rallies past $105,000, while Coinbase can use the Bitcoin at its discretion. Notably, Coinbase can use the Bitcoin however it wants. One Bitcoin—that’s GameStop’s entire stash.
Structured through covered call options, the trade turns what is typically a high-volatility bet on Bitcoin’s upside into something more akin to a fixed-income strategy. The strategy underscores a deeper reality: GameStop posted a 25% drop in revenue, with fourth-quarter sales in 2025 falling around 14%, according to its annual report filed on March 24. With revenue declining and no clear path to expansion — many gamers rely on digital downloads these days — the company is leaning on financial engineering to manufacture income. That puts it at odds with companies like Strategy, which have embraced Bitcoin’s volatility to pursue exponential gains.
That means lending it out, mixing it with other coins, or even selling it. Because of that control, accounting rules say GameStop can’t lay claim to directly owning those coins on its financial statements. Instead, GameStop now lists a $368 million IOU on its books, essentially a promise from Coinbase to return the same amount of Bitcoin later. That technicality dropped GameStop’s ranking from the 21st-largest public company Bitcoin holder to around 190th, according to BitcoinTreasuries.net.
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