On‑chain trackers showed GameStop’s $324 million worth of bitcoin leaving its 
wallets for Coinbase. Many assumed a full‑blown dump, but SEC filings show the 
company still has exposure to Bitcoin, just not in the way most traders think. 
Related Reading: Bitcoin Rangebound At $70K While Macro Cracks Deepen – Why 
Analyst Says It’s Too Early To Call A Bottom A Bitcoin “Covered-Call” Deal On 
paper, GameStop now only owns 1 BTC. The gaming company’s latest 10-K reveal 
that instead of offloading the 4,710 BTC it bought January last year, the 
video game retailer has pledged 4,709 of 4,710 BTC to Coinbase for a covered 
call strategy, receiving about $368 million in cash while capping upside above 
roughly $105,000–$110,000 per BTC. A covered call is an options strategy where 
you own an asset and sell call options against it to collect premium income, 
but in exchange you cap your upside if the price moves sharply higher. This is 
exactly what GameStop did: it handed Coinbase almost all its BTC as collateral 
and sold call options on that stack. In return, it pulled in upfront cash 
premium plus a receivable, instead of a volatile asset on its books. This 
agreement lets Coinbase rehypothecate, commingle, or even sell the pledged 
Bitcoin, which is why accounting rules force GameStop to derecognize the coins 
and book a “digital asset receivable” instead. In contrast with classic 
corporate Bitcoin treasuries (MicroStrategy‑style HODL), GameStop is using BTC 
more like a yield‑bearing financial instrument than a long‑term conviction 
bet. Why GameStop Chose Yield Over Upside GameStop’s strategy answers to the 
reality of the era of digital download gaming. With shrinking sales due to a 
decreasing demand for physical media and little room to grow, the company is 
increasingly using financial engineering to squeeze out income. The company’s 
revenue went down roughly 25% year‑on‑year and about 14% in Q4 2025. 
Therefore, in handing its Bitcoin to Coinbase and selling call options on it, 
GameStop is using the premiums and credit line to pull forward cash it 
desperately needs today. Related Reading: Binance Just Declared War On Quiet 
Market Makers —3 Red Flags Every Trader Should Watch GameStop is an example of 
a new phase in corporate Bitcoin adoption, where treasuries don’t just buy and 
hold but actively lend, pledge, and option‑out their coins for yield, giving 
execution and rehypothecation power to venues like Coinbase. If Bitcoin rips 
through six figures, GameStop shareholders may watch Coinbase and options 
counterparties enjoy most of the upside while GME is left with a 
fixed‑income‑style payout, a dynamic traders should factor into any 
“Bitcoin‑linked equity” thesis. At the moment of writing, BTC’s price crashes 
under $67k. Source: BTCUSD on Tradingview Cover image from Perplexity, BTCUSD 
chart from Tradingview

GameStop Didn’t Sell Bitcoin — What It Did Instead Will Anger BTC Maxis

Binance Australia was fined A$10 million after 524 retail clients were wrongly 
classified for crypto derivatives trading, ASIC records show.

Binance fined A$10M after Australia derivatives failures

Vietnam detained ONUS-linked suspects in an alleged token fraud case as police 
described price manipulation, false promotions and centralized market control.

Vietnam arrests ONUS-linked suspects in alleged crypto fraud case

An Australian court ordered Binance Australia Derivatives to pay $6.9 million 
after misclassifying retail clients and exposing them to high-risk crypto 
products.

Australia fines local Binance unit $6.9M over client onboarding failures

US Bitcoin ETFs saw significant outflows of $171 million on Thursday as market 
participants feared another weekend escalation in the US-Israel conflict with 
Iran.

Cryptocurrency price in AED