Gamestop Fiscal 2025 Annual Report

The Form 10-K, filed with the SEC on March 24, 2026, covers the period ended January 31, 2026. It details how Gamestop transferred its entire bitcoin stack to Coinbase Prime on or around January 16, 2026, a move that had triggered widespread rumors about an exit from the crypto asset. The filing clarified that the transfer was operational, not a liquidation.

Under the Collateral Agreement with Coinbase Credit, Inc., Gamestop sold over-the-counter covered-call options against 4,709 BTC — 99.98% of its holdings — with strike prices ranging from $105,000 to $110,000 per coin and maturities extending through March 27, 2026. One single bitcoin remained directly on the company’s balance sheet.

Gamestop originally purchased 4,710 BTC in May 2025 for approximately $500 million in cash, at an average cost basis of roughly $106,000 to $107,900 per coin. The board had amended its Investment Policy in March 2025 to include bitcoin and U.S. dollar-denominated stablecoins as treasury reserve assets.

The covered-call structure allows Gamestop to collect upfront option premiums while retaining economic exposure to bitcoin below the strike prices. If bitcoin remains under the strikes at expiration, the contracts expire worthless, and the company keeps the premiums. If bitcoin trades above the strikes, the calls can be exercised, and upside is capped at the strike price plus premiums received.

Because Coinbase Credit holds the right to rehypothecate, commingle, or sell the pledged bitcoin, Gamestop determined that control of the assets had transferred. Under U.S. GAAP, it derecognized the 4,709 BTC from its balance sheet and recorded a digital assets receivable valued at $428 million at derecognition and $368.3 million as of January 31, 2026.

That accounting treatment dropped Gamestop’s ranking among corporate bitcoin holders from approximately 21st globally to 190th. The company states its economic exposure “remains consistent with direct ownership of the underlying bitcoin.”

Screenshot of Gamestop’s Form 10-K.

For fiscal 2025, Gamestop recorded a total $131.6 million loss on digital assets and related receivables — 3.6% of net sales. That figure breaks down as a $71.8 million realized loss upon derecognition, a $59.7 million unrealized loss on the receivable reflecting bitcoin’s price decline, and a $0.1 million remeasurement loss on the retained coin. The options produced a $2.3 million unrealized gain, partially offset by a $0.7 million derivative liability.

Bitcoin was trading near $68,000 to $69,000 at the time of the filing, well below the $105,000 to $110,000 strike prices. That placed the calls out-of-the-money, meaning Gamestop was on track to retain the premiums as income if prices held steady through expiration.

The 10-K lists several risks tied to the strategy, including bitcoin price volatility, counterparty credit exposure if Coinbase defaulted, and rehypothecation risk that obscures legal title to the collateral. The filing also notes regulatory and accounting uncertainty around crypto assets broadly.

Gamestop did not issue a press release on the collateral pledge. Details surfaced through the SEC filing and onchain data monitoring earlier this year. As of today, the company had not announced further bitcoin purchases or changes to the position following the expiration of the initial call contracts.

The approach contrasts with companies like Strategy, which have pursued open-ended bitcoin accumulation without derivatives overlays. Gamestop‘s structure is oriented toward premium income, while the position sits at an unrealized loss relative to its cost basis. No additional information about post-expiration activity or new option contracts has been disclosed.

FAQ 🔎

• Did Gamestop sell its Bitcoin? No — Gamestop pledged 4,709 BTC as collateral for a covered-call options strategy and retained economic exposure to the asset.
• How much did Gamestop lose on bitcoin in fiscal 2025? The company recorded a $131.6 million loss on digital assets and related receivables for the fiscal year ended January 31, 2026.
• Why did Gamestop’s bitcoin disappear from its balance sheet? Because Coinbase Credit holds rehypothecation rights over the collateral, Gamestop was required under U.S. GAAP to derecognize the BTC and record a digital assets receivable instead.
• What are the strike prices on Gamestop’s bitcoin covered calls? The contracts carried strike prices between $105,000 and $110,000 per BTC with maturities through March 27, 2026.

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