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GameStop converts $368 million worth of Bitcoin into an options income strategy

bitcoin news Derivatives Data

2026-03-26 22:31:01

BTC-1.00%

Gate News reports that on March 26, GameStop disclosed that approximately 4,710 BTC previously transferred to a certain CEX were not sold but used as collateral in a covered call strategy to earn option premium income. The company sold short-term call options OTC with strike prices between $105,000 and $110,000, generating income while maintaining Bitcoin exposure, but also limiting upside potential. Due to this structure, GameStop no longer directly holds Bitcoin assets but records them as "accounts receivable," representing the right to recover an equivalent amount of BTC from the counterparty in the future. Since collateral assets can be rehypothecated or reused, their position has shifted to a derivative exposure with counterparty risk. Financial reports show that as of the end of the fiscal year, the receivable assets related to this strategy were valued at approximately $368.3 million, with an unrealized loss of about $59.7 million due to Bitcoin price declines. Additionally, the company confirmed about $700,000 in option liabilities and $2.3 million in unrealized gains.

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