GameStop did not sell after transferring Bitcoin in January, but instead staked 4,709 Bitcoins for an options strategy.

Techub News reported, according to CoinDesk, that GameStop disclosed that 4,709 of its 4,710 Bitcoin holdings have been pledged to Coinbase as collateral for an over-the-counter covered call strategy. The company generates premium income by selling short-term call options with strike prices between $105,000 and $110,000, while retaining upside potential on Bitcoin. This strategy means its Bitcoin holdings are no longer classified as directly held assets but are recorded as receivables.

As Coinbase can rehypothecate or redeploy the pledged Bitcoin, GameStop no longer classifies these assets as directly held. The company reported that receivables related to the pledged Bitcoin amounted to $368.3 million at the fiscal year-end, while also recording an unrealized loss of $59.7 million due to the decline in Bitcoin's price. Previous market speculation suggested GameStop might sell its Bitcoin holdings; this disclosure clarifies the nature of the transaction.