GameStop may have surrendered $31 million of Bitcoin upside with one options trade

GameStop’s Bitcoin options strategy faces a key test Friday as the cryptocurrency trades well above its disclosed $70,000 call strike.

The company said in a Sept. 9 filing that covered-call contracts tied to roughly 2,000 BTC were outstanding as of Aug. 1, with maturities extending through Sept. 25. Bitcoin was trading around $85,662 on Sept. 22, leaving the token more than $15,000 above the strike.

If those calls remain open through expiration, GameStop would have capped its participation in further gains on the covered Bitcoin. At current prices, the difference between spot and the $70,000 strike amounts to roughly $31.3 million across 2,000 BTC.

That figure represents potential upside surrendered under the strategy rather than a realized loss. GameStop collected option premiums for selling the calls, and the final economics would depend on the contract terms, any premium received, and whether the company has since closed or rolled the positions.

The filing only establishes that the calls were open on Aug. 1. GameStop has not disclosed whether the same exposure remains in place today.

Covered calls allow an asset holder to generate premium income by selling another investor the right to participate in gains above a specified price. The trade becomes less attractive when the underlying asset rallies sharply through the strike because appreciation above that level is effectively surrendered while the contract remains outstanding.

GameStop has already acknowledged that its covered-call program limits participation in Bitcoin gains above the relevant strikes.

The latest rally has made that trade-off more visible. Bitcoin’s advance into the mid-$80,000s means a position that generated income when prices were lower could now constrain returns on a substantial portion of the company’s Bitcoin exposure.

Public filings leave several details unresolved. GameStop has not disclosed whether the private over-the-counter contracts settle in cash or Bitcoin, whether they can be exercised before maturity, or how automatic exercise, netting and closeout provisions are structured.

The company recorded a $2 million derivative liability for covered calls as of Aug. 1 and reported about $13.8 million in gains from changes in their fair value during the first half of fiscal 2026. Those results included earlier contracts that had already matured, making them an incomplete guide to the current position.

Previous filings show GameStop has actively adjusted the strategy. An earlier tranche expired before the company entered new contracts, indicating the outstanding amount can shift between reporting dates. Its Sept. 8 earnings release did not provide an update beyond the Aug. 1 snapshot.

The 2,000 BTC referenced by the calls is separate from the 4,709 BTC GameStop pledged to Coinbase Credit under a broader collateral arrangement. That agreement allows Coinbase Credit to rehypothecate, commingle, or sell pledged Bitcoin while GameStop retains a contractual right to receive equivalent assets.

Friday’s expiration therefore leaves investors with a narrower question: whether GameStop still has the $70,000 calls in place after Bitcoin’s rally.

If it does, the company may have traded tens of millions of dollars in upside for option income. If the position was rolled or closed, the outcome could look very different, and the next filing would be the clearest indication of how aggressively GameStop is managing its Bitcoin treasury as prices move higher.

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