GameStop Pledges Nearly All Bitcoin Holdings to Coinbase, Caps Upside at $105K
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GameStop pledged 4,709 of its 4,710 BTC (≈99.9%) to Coinbase as collateral after spending $500M to buy Bitcoin in fiscal 2025, using a covered-call options strategy on a CEX. The structure caps upside above $105,000 per BTC (any gains beyond $105K go to the counterparty) while delivering upfront premium/yield income, reducing direct price exposure. Crypto/CEX implication: corporate adoption and monetization via options increases funding and yield but transfers market upside and risk to the counterparty, limiting long-term token performance exposure.
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- GameStop pledges nearly all 4,709 BTC to Coinbase for yield strategies.
- GameStop caps Bitcoin gains above $105K, with upside beyond that going to the counterparty.
- Strategy may limit upside while providing upfront premium or yield income.
GameStop made headlines when it announced it was buying Bitcoin. What received far less attention, however, was how the company structured its position soon after the purchase.
According to its latest annual report, GameStop pledged 4,709 of its 4,710 Bitcoin, essentially its entire holding, to Coinbase as collateral for an options trading strategy. The company spent $500 million acquiring Bitcoin during fiscal year 2025, only to hand 99.9% of it to a third party the moment the ink was dry.
How the Deal Works
The arrangement is structured as a covered call strategy. GameStop receives a premium payment upfront in exchange for…
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Coins
$ 63.83K
-0.50%$ 0.00186
+2.91%Predictions Markets
See what traders are focused on
Share:
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