GameStop's $70,000 calls on 2,000 bitcoin expire September 25 — the company paid $106,157 a coin
One paragraph in Note 11 of the fiscal Q2 2026 10-Q: 2,000 bitcoin referenced, a $70,000 strike, a September 25 maturity and a $2.0m liability as of August 1. Plus how the 4,709 coins pledged to Coinbase went from $428.0m on the books to $294.0m, and the $13.8m the options produced in the first half
aiSwingX™ Editorial · Reviewed
Published
GameStop Form 10-Q (fiscal Q2 2026, filed 2026-09-09, as of 2026-08-01), Note 11 'Digital Assets and Related Receivables', Note 7 fair-value tables (2026-08-01, 2026-01-31, 2025-08-02), balance sheet, Note 14 share repurchase
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GameStop (GME) filed its fiscal Q2 2026 quarterly report (10-Q) on September 9, and Note 11 contains one paragraph about a contract that is about to run out. As of August 1, 2026 the company had covered-call contracts referencing about 2,000 bitcoin at a strike of $70,000 a coin, maturing through September 25, 2026. GameStop paid $500m for 4,710 bitcoin in 2025 — $106,157 a coin.
In plain terms
GameStop bought 4,710 bitcoin for $500m in 2025, roughly $106,000 each. It later sold, on 2,000 of those coins, a promise to hand them over at $70,000 each if the holder of that promise asks for them, and it was paid up front for making the promise. That promise runs out on September 25, 2026.
What happened
GameStop (GME) is a US retailer of games and collectibles that has held bitcoin as a corporate asset since 2025.
Its fiscal Q2 2026 quarterly report (10-Q) covers May 3 to August 1, 2026 and was filed on September 9. One paragraph of Note 11 describes a contract that is about to run out. As of August 1, 2026 the company held covered-call contracts referencing about 2,000 bitcoin. The strike is $70,000 a coin and the contracts mature through September 25, 2026. A covered call is a contract in which the owner of an asset sells the right to buy it at a set price and is paid up front for doing so.
Two more figures sit in the same paragraph. The liability recorded for these contracts as of August 1 was $2.0m, inside accrued liabilities. Changes in the value of the covered calls over the first half produced a gain of about $13.8m. That figure includes contracts that matured before August 1. The contracts are over-the-counter agreements with Coinbase Credit, and the company describes them as typically short-dated.
Very little bitcoin remains on the books as bitcoin. Of the 4,710 coins bought in 2025, 4,709 were pledged to Coinbase as collateral. One coin is still held directly, at a cost of $0.2m and a value of $0.1m.
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The filing states only that the contracts mature through that date. Whether the right is used depends on the price that day, and the company does not say how the contracts settle (cash or delivery of bitcoin). We will record the outcome from the Q3 10-Q.
Did GameStop sell its bitcoin?
No. Note 11 states that the company neither purchased nor sold bitcoin in the first half. But 4,709 of the 4,710 coins were pledged to Coinbase, and in accounting terms they are no longer bitcoin on the books — they are a right to receive the same quantity back.
Where do the 2,000 coins and the $70,000 come from?
The covered-call paragraph of Note 11, 'Digital Assets and Related Receivables'. The same paragraph gives the $2.0m related liability as of August 1 and the roughly $13.8m gain from changes in the value of these options in the first half.
Where can I check these numbers myself?
On SEC EDGAR, open GameStop Corp.'s fiscal Q2 2026 10-Q (accession 0001326380-26-000055) and read Note 11, the fair-value tables in Note 7, and the balance sheet.
How aiSwingX™ wrote this
We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
An editor reviews before publication; any later change is recorded in the revision history.
GameStop Form 10-Q (fiscal Q2 2026, filed 2026-09-09, as of 2026-08-01), Note 11 'Digital Assets and Related Receivables', Note 7 fair-value tables (2026-08-01, 2026-01-31, 2025-08-02), balance sheet, Note 14 share repurchase · SEC EDGAR · This article is not investment advice. Disclaimer
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aiSwingX™ analyzes US filings and reports them as news investors can read.
