Gamestop Fiscal 2025 Annual Report
The Type 10-Ok, filed with the SEC on March 24, 2026, covers the interval ended January 31, 2026. It particulars how Gamestop transferred its whole bitcoin stack to Coinbase Prime on or round January 16, 2026, a transfer that had triggered widespread rumors about an exit from the crypto asset. The submitting clarified that the switch was operational, not a liquidation.
Beneath the Collateral Settlement with Coinbase Credit score, Inc., Gamestop bought over-the-counter covered-call choices towards 4,709 BTC — 99.98% of its holdings — with strike costs starting from $105,000 to $110,000 per coin and maturities extending by means of March 27, 2026. One single bitcoin remained instantly on the corporate’s steadiness sheet.
Gamestop initially bought 4,710 BTC in Might 2025 for about $500 million in money, at a mean value foundation of roughly $106,000 to $107,900 per coin. The board had amended its Funding Coverage in March 2025 to incorporate bitcoin and U.S. dollar-denominated stablecoins as treasury reserve property.
The covered-call construction permits Gamestop to gather upfront choice premiums whereas retaining financial publicity to bitcoin beneath the strike costs. If bitcoin stays underneath the strikes at expiration, the contracts expire nugatory, and the corporate retains the premiums. If bitcoin trades above the strikes, the calls will be exercised, and upside is capped on the strike value plus premiums obtained.
As a result of Coinbase Credit score holds the proper to rehypothecate, commingle, or promote the pledged bitcoin, Gamestop decided that management of the property had transferred. Beneath U.S. GAAP, it derecognized the 4,709 BTC from its steadiness sheet and recorded a digital property receivable valued at $428 million at derecognition and $368.3 million as of January 31, 2026.
That accounting remedy dropped Gamestop’s rating amongst company bitcoin holders from roughly twenty first globally to a hundred and ninetieth. The corporate states its financial publicity “stays in line with direct possession of the underlying bitcoin.”
For fiscal 2025, Gamestop recorded a complete $131.6 million loss on digital property and associated receivables — 3.6% of internet gross sales. That determine breaks down as a $71.8 million realized loss upon derecognition, a $59.7 million unrealized loss on the receivable reflecting bitcoin’s value decline, and a $0.1 million remeasurement loss on the retained coin. The choices produced a $2.3 million unrealized acquire, partially offset by a $0.7 million spinoff legal responsibility.
Bitcoin was buying and selling close to $68,000 to $69,000 on the time of the submitting, nicely beneath the $105,000 to $110,000 strike costs. That positioned the calls out-of-the-money, that means Gamestop was on observe to retain the premiums as revenue if costs held regular by means of expiration.
The ten-Ok lists a number of dangers tied to the technique, together with bitcoin value volatility, counterparty credit score publicity if Coinbase defaulted, and rehypothecation threat that obscures authorized title to the collateral. The submitting additionally notes regulatory and accounting uncertainty round crypto property broadly.
Gamestop didn’t difficulty a press launch on the collateral pledge. Particulars surfaced by means of the SEC submitting and onchain information monitoring earlier this yr. As of at this time, the corporate had not introduced additional bitcoin purchases or modifications to the place following the expiration of the preliminary name contracts.
The method contrasts with corporations like Technique, which have pursued open-ended bitcoin accumulation with out derivatives overlays. Gamestop‘s construction is oriented towards premium revenue, whereas the place sits at an unrealized loss relative to its value foundation. No further details about post-expiration exercise or new choice contracts has been disclosed.
FAQ 🔎
Did Gamestop promote its Bitcoin? No — Gamestop pledged 4,709 BTC as collateral for a covered-call choices technique and retained financial publicity to the asset. How a lot did Gamestop lose on bitcoin in fiscal 2025? The corporate recorded a $131.6 million loss on digital property and associated receivables for the fiscal yr ended January 31, 2026. Why did Gamestop’s bitcoin disappear from its steadiness sheet? As a result of Coinbase Credit score holds rehypothecation rights over the collateral, Gamestop was required underneath U.S. GAAP to derecognize the BTC and document a digital property receivable as an alternative. What are the strike costs on Gamestop’s bitcoin lined calls? The contracts carried strike costs between $105,000 and $110,000 per BTC with maturities by means of March 27, 2026.
