GameStop pledged 4,709 of its 4,710 bitcoin to Coinbase as collateral and removed them from its books — it now holds 1 bitcoin and a $294.1m 'right to receive bitcoin back' that Coinbase may rehypothecate or sell
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'. First-half loss on digital assets $73.9m; calls written on about 2,000 bitcoin at a $70,000 strike. In the same quarter it acquired a 9.8% stake in eBay (43.4m shares, cost $4,386.3m, fair value $4,946.9m) behind a $125-a-share proposal, and agreed to exchange $1.4bn of convertible notes for stock and cash, with a non-cash charge expected
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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
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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.
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.
Its quarterly report (10-Q) for fiscal Q2 2026 (May 3–August 1, 2026) shows net sales of $790.2m, down 19% from $972.2m a year earlier. Gross margin rose to 43.7%, operating income was $160.2m and net income $298.7m ($168.6m a year earlier). Most of the net income came from outside the stores: interest income of $77.1m, a $166.3m gain on a derivative asset and a $72.1m unrealized gain on an equity investment were added, and a $75.0m loss on digital assets was subtracted.
The last table in Note 11, Digital Assets and Related Receivables, reads: digital assets held as of August 1, 2026 — bitcoin quantity 1.0, cost basis $0.2m, fair value $0.1m. The footnote says "actual Bitcoin quantity held; not in millions."
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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. Fair value at August 1 was $4,946.9m, $560.6m above cost; $488.9m of that has already passed through earnings as derivative gains and $72.1m as an unrealized gain.
Why did cash fall?
Cash went from $6,304.7m at January 31 to $4,854.3m at August 1. In the first half the company paid $4,386.3m for eBay shares, collected $2,491.2m from maturities and sales of marketable securities, and generated $399.8m of operating cash flow. Cash plus marketable securities fell from $9,013.8m to $5,060.3m.
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
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aiSwingX™ analyzes US filings and reports them as news investors can read.
