GameStop has tied approximately 2,000 Bitcoin to covered-call options contracts with a $70,000 strike price, according to a filing disclosed on September 9. With Bitcoin trading around $85,662 on September 22, the position caps roughly $31.3 million of additional upside if the contracts mature as written on September 25.
Covered calls function as a yield strategy. “Covered calls allow an asset holder to generate premium income by selling another investor the right to participate in gains above a specified price,” according to CryptoSlate reporting on the position. GameStop receives upfront premium for ceding participation in Bitcoin gains above $70,000 per coin.
The contracts represent a subset of GameStop’s Bitcoin holdings. The company pledged 4,709 BTC to Coinbase Credit under a separate collateral arrangement, which permits Coinbase to rehypothecate, commingle, or sell the pledged Bitcoin while GameStop retains a contractual right to receive equivalent assets. The 2,000 BTC covered by the call options sit outside this collateral arrangement.
GameStop disclosed a $2 million derivative liability for the covered calls as of August 1, the date the contracts were outstanding. During the first half of fiscal 2026, the company reported $13.8 million in gains from changes in fair value across its derivative positions, though these results included earlier tranches that had already matured.
“GameStop has already acknowledged that its covered-call program limits participation in Bitcoin gains above the relevant strikes,” CryptoSlate reported. The $31.3 million figure represents potential upside foregone at current prices if Bitcoin remains above the strike through maturity, not a realized loss.
The economics of the final position depend on contract terms, premiums received, and whether GameStop has adjusted its holdings since August 1. GameStop has not disclosed whether it still holds the calls, whether it has closed or rolled positions, or the exact premium collected for selling the contracts. The company also did not specify settlement terms, exercise provisions, or automatic closeout mechanics for the private over-the-counter contracts.
GameStop’s covered-call strategy reflects an active approach to treasury management. Earlier filings show the company has adjusted positions over time, with previous tranches expiring before new contracts were entered.
