GameStop 10-K: Company kept 4,709 BTC, pledged it to Coinbase Credit for covered-call strategy

GameStop's latest 10-K says the company did not sell its 4,709 BTC. Instead, it pledged the bitcoin as collateral with Coinbase Credit as part of a covered-call strategy. The filing shows GameStop wrote call options on a portion of its BTC position, earning option premiums while limiting upside to a roughly $105,000–$110,000 range. The structure generates yield but caps gains if bitcoin trades above those levels. The agreement is set to expire Friday. As of Jan. 31, the position included a $700,000 liability and a $2.3 million unrealized gain. GameStop also noted that some contracts later expired unexercised. The company disclosed that Coinbase can rehypothecate, commingle, or sell the pledged BTC, indicating control of the collateral has effectively been transferred.