GameStop confirmed in its 10-K filing with the U.S. Securities and Exchange Commission that it still holds 4,710 #BTC worth about $368 million, ending rumors of a sell-off. The earlier on-chain transfer to Coinbase Prime was not a liquidation but part of a covered-call income strategy.

Out of the total holdings, 4,709 BTC are pledged as collateral with Coinbase Credit, while 1 #BTC is held directly, confirming no Bitcoin was sold. GameStop used these holdings to sell short-term call options with strike prices between $105,000 and $110,000, generating around $2.3 million in unrealized gains against a $700,000 liability.

Due to rehypothecation rights granted to Coinbase Credit, U.S. GAAP required GameStop to remove the 4,709 #BTC from its balance sheet, replacing them with a digital asset receivable valued at $368.3 million. This accounting change reduced its ranking among public Bitcoin holders from 21st to around 190th, despite still economically holding the assets.

GameStop originally bought the #Bitcoin in May 2025 for about $500 million and is currently facing a $131.6 million unrealized loss due to market decline. Instead of selling, the company chose to generate income through options, showing a more advanced strategy.

Conclusion: This move is slightly bullish for crypto, as GameStop continues holding Bitcoin while actively managing returns rather than exiting the market.