GameStop Corp. (NYSE:GME) has renewed a Bitcoin (CRYPTO: BTC) options arrangement with Coinbase (NASDAQ:COIN) after the first set of contracts expired worthless, extending a strategy that generated modest income but contributed little to the retailer’s record quarterly profit.

What Happened

GameStop rolled over covered call contracts tied to nearly all of its Bitcoin holdings after the previous batch expired on May 29, based on its latest quarterly filing.

The arrangement allows Coinbase to potentially acquire the Bitcoin at a predetermined price if the cryptocurrency rises above the strike price before expiration.

In exchange, GameStop collects an upfront premium.

The new contracts carry an $80,000 strike price, down from the prior range of $105,000 to $110,000.

Because the Bitcoin is pledged under the arrangement, accounting rules require GameStop to remove the cryptocurrency from its balance sheet and instead record a receivable representing its right to get the Bitcoin back.

As of the filing date, that receivable was valued at approximately $369.6 million, roughly $58 million below the original cost basis of the Bitcoin.

Bitcoin’s Limited Impact On Earnings

GameStop began building its Bitcoin treasury in 2025 after raising roughly $1.5 billion through debt financing.

The company held around 4,710 Bitcoin during the quarter, with all but one coin committed to the covered-call strategy.

Despite the size of the position, Bitcoin contributed only about $1 million to quarterly earnings through gains on digital assets.

GameStop reported net income of roughly $390 million during the period, generated majorly by interest income from large cash balance and unrealized gains tied to its eBay options position.

The company continues to prioritize premium income over maximizing exposure to Bitcoin’s potential price appreciation, Decrypt reported.

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