GameStop’s $70,000 calls could cap $31M BTC gains

GameStop disclosed in a Sept. 9 filing that covered-call contracts tied to roughly 2,000 Bitcoin were outstanding as of the Aug. 1 reporting date, with maturities extending through Sept. 25. Bitcoin was trading around $85,662 on Sept. 22, more than $15,000 above the $70,000 strike; that gap equals about $31.3 million across 2,000 BTC.

The company reported a $2 million derivative liability for covered calls as of Aug. 1 and recorded about $13.8 million in gains from changes in the fair value of covered-call positions during the first half of fiscal 2026. Those figures include earlier contracts that had already matured and do not fully describe the economics of any contracts that may still be outstanding.

Covered-call selling lets an asset holder collect option premiums by granting a buyer the right to the asset’s appreciation above a set price. While a covered call is active, appreciation above the strike accrues to the option buyer rather than the seller; the seller’s upside on the covered portion is therefore limited until the contract expires or is closed.

The filing establishes only that the calls were open on Aug. 1. It does not confirm whether the same contracts remain active today or whether GameStop has since closed, rolled, or altered the positions. The disclosure also does not specify whether the over-the-counter contracts settle in cash or Bitcoin, whether they allow early exercise, or how automatic exercise, netting and closeout provisions are structured.

The 2,000 BTC referenced in the covered-call disclosure are separate from the roughly 4,709 BTC GameStop has pledged to Coinbase Credit under a collateral arrangement. That pledge permits Coinbase Credit to rehypothecate, commingle, or sell the pledged Bitcoin while GameStop retains a contractual claim to receive equivalent assets.

Previous filings show GameStop has adjusted its covered-call program over time; an earlier tranche expired before the company entered new contracts, indicating the outstanding amount can change between reporting dates. The company’s Sept. 8 earnings release did not update the Aug. 1 snapshot.

If the $70,000 calls remain open at expiration, GameStop would surrender potential upside on the covered 2,000 BTC equal to the difference between spot and strike multiplied by the covered coins, minus any premiums received. If the positions were closed or rolled before expiration, the financial outcome would depend on premiums collected, subsequent transactions and the exact contract terms. The next public filing will be the clearest source of information on current exposure and the contracts’ final economics.