GameStop disclosed that the approximately 4,710 BTC it previously transferred to Coinbase Prime were not sold, but rather used as collateral in a covered call strategy to earn option premiums. The company sold short-term call options over-the-counter (OTC) with strike prices ranging from $105,000 to $110,000, generating revenue while maintaining Bitcoin exposure, but also limiting potential upside. Due to this structure, GameStop no longer directly holds Bitcoin assets, but instead records them as "receivables," representing the right to receive an equivalent value of BTC from a counterparty in the future. Because the collateral can be rehypothecated, its position has transformed into a derivatives exposure with counterparty risk. Financial reports show that as of the end of the fiscal year, the value of receivables related to this strategy was approximately $368.3 million, while recording approximately $59.7 million in unrealized losses (due to the decline in Bitcoin prices). In addition, the company recognized approximately US$700,000 in option liabilities and US$2.3 million in unrealized gains.