GameStop’s Bitcoin options strategy faces a crucial test on Friday as the cryptocurrency continues to trade significantly higher than its disclosed $70,000 call strike.
According to a Sept. 9 regulatory filing, covered-call contracts linked to approximately 2,000 BTC were active as of Aug. 1, with expiration dates stretching through Sept. 25. With Bitcoin hovering around $85,662 on Sept. 22, the token sits more than $15,000 above the strike price.
Should those call options stay open until expiration, GameStop’s participation in further gains on the covered Bitcoin would be capped. At current market prices, the gap between the spot price and the $70,000 strike equals roughly $31.3 million across the 2,000 BTC.
This amount reflects potential upside given up under the strategy rather than a realized financial loss. GameStop earned option premiums for selling the calls, and the ultimate financial outcome depends on the contract terms, the premiums collected, and whether the company has since rolled or closed out the positions.
The filing merely confirms that the calls were active on Aug. 1, as GameStop has not revealed whether this exposure persists today.
Bitcoin rally raises cost of income strategy
Covered calls give asset holders a way to earn premium income by selling another party the right to capture gains above a set price. This strategy loses appeal when the underlying asset surges past the strike price, because appreciation beyond that threshold is essentially surrendered while the contract is active.
GameStop has previously noted that its covered-call program restricts participation in Bitcoin appreciation above designated strikes.
The recent price surge highlights this trade-off clearly. Bitcoin climbing into the mid-$80,000s means a position designed to generate income during lower price periods now limits returns on a major portion of the firm’s Bitcoin holdings.
Public documentation leaves several specifics unanswered. GameStop has not clarified if the over-the-counter contracts settle in cash or Bitcoin, whether early exercise is permitted prior to maturity, or how the netting, automatic exercise, and closeout rules are organized.
The company logged a $2 million derivative liability for these covered calls as of Aug. 1 and posted roughly $13.8 million in gains driven by fair value adjustments throughout the first half of fiscal 2026. Because these figures incorporated earlier contracts that already expired, they do not offer a complete picture of the current stance.
Past filings demonstrate that GameStop actively manages this strategy. An earlier tranche expired before fresh contracts were established, showing that outstanding totals can fluctuate between reporting periods. The Sept. 8 earnings announcement offered no additional updates beyond the Aug. 1 figures.
The 2,000 BTC tied to these calls is distinct from the 4,709 BTC GameStop pledged to Coinbase Credit under a separate collateral agreement. That pact permits Coinbase Credit to sell, commingle, or rehypothecate the pledged Bitcoin, while GameStop maintains a contractual claim to equivalent assets.
Consequently, Friday’s expiration leaves market watchers with a specific question: did GameStop maintain the $70,000 calls following Bitcoin’s ascent?
If the positions were kept, the company may have traded away tens of millions in potential upside in exchange for option income. Should the positions have been closed or rolled, the financial result will differ significantly, making the next filing the most reliable indicator of how actively GameStop manages its Bitcoin treasury amidst rising prices.
Frequently Asked Questions
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What is the strike price for GameStop’s covered-call contracts?
The disclosed call strike price is $70,000.
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How many Bitcoin are tied to the covered calls?
The contracts are linked to approximately 2,000 BTC, which is separate from the 4,709 BTC pledged to Coinbase Credit.
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What is the estimated value of the surrendered upside?
At spot prices near $85,662, the difference between the spot price and the $70,000 strike equals roughly $31.3 million across the 2,000 BTC.
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Has GameStop confirmed whether these positions are still open?
No. The Sept. 9 filing only established that the calls were open as of Aug. 1, and GameStop has not disclosed if the exposure remains in place today.
