What happened
GameStop (GME) is a video-game and collectibles retailer that has also traded as a bitcoin-holding company since it bought 4,710 bitcoin in 2025.
GMEGameStop·FY26Q2 10-QPaidFiling score 56 · Moderate
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GameStop pledged 4,709 of its 4,710 bitcoin to Coinbase and took them off its books
Fiscal Q2 2026 (May–July) 10-Q: net sales $790.2m (−19%), net income $298.7m. Placing 4,709 bitcoin in a Coinbase covered-call collateral agreement, the company concluded that control had transferred, derecognized the bitcoin and recorded a Level 2 'digital assets receivable'. In the same quarter it took a stake in eBay (43.4m shares, cost $4,386.3m) behind a proposal to buy the company
GameStop (GME) reported fiscal Q2 2026 (May 3–August 1, 2026) net sales of $790.2m, down 19%, and net income of $298.7m. The table at the end of Note 11 of the 10-Q filed on September 9 is one line long: bitcoin held at August 1 — quantity 1.0, cost $0.2m, fair value $0.1m. Of the 4,710 bitcoin bought last year, 4,709 have been pledged to Coinbase as collateral and taken off the balance sheet.
In plain terms
GameStop did not sell its bitcoin. It pledged 4,709 of its 4,710 coins to Coinbase, and because Coinbase may re-lend or sell them, the accounts no longer show 'our bitcoin' but 'a right to receive the same amount back' worth $294.1m. Exactly one bitcoin remains on the balance sheet. In the same quarter the company spent $4,386.3m — a large part of its cash — on a 9.8% stake in eBay.
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56 Filing score · Moderate
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FAQ
Did GameStop sell its bitcoin?
The 10-Q describes a transfer of collateral, not a sale. 4,709 bitcoin were placed in a Coinbase covered-call collateral agreement; because Coinbase may rehypothecate, commingle or unilaterally sell them, the company concluded control had transferred, derecognized the bitcoin and recorded a receivable for the right to receive the same quantity back. Bitcoin actually held on the books is 1.0. This article reports the structure and the figures; the scale of the risk is discussed in the subscriber section.
What did the eBay stake cost and what is it worth?
39,046,658 shares from exercising the put/call pairs (average $101.30, $3,955.2m) plus 4,343,725 shares bought in the open market (average $108.73, $472.3m) — 43,390,383 shares at a total cost of $4,386.3m.
Why did cash fall?
Cash went from $6,304.7m at January 31 to $4,854.3m at August 1.
Where can I verify these numbers?
On SEC EDGAR: GameStop's fiscal Q2 2026 Form 10-Q (accession 0001326380-26-000055), the collateral-agreement paragraphs and holdings table in Note 11 Digital Assets and Related Receivables, the cost-basis table in Note 10 Derivative Asset and Related Equity Investment, Note 15 Subsequent Events, the balance sheet and the cash-flow statement.
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GameStop Form 10-Q for fiscal Q2 2026 (as of August 1, 2026): Note 11 Digital Assets and Related Receivables (collateral agreement, covered calls, holdings table), Note 10 Derivative Asset and Related Equity Investment (eBay put/call pairs, cost-basis table), Note 5 Debt (convertible notes), Note 15 Subsequent Events (exchange agreements and amendments), statement of operations, balance sheet, cash-flow statement · SEC EDGAR · This article is not investment advice. Disclaimer