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GameStop announced on May 28, 2025, that it had purchased 4,710 Bitcoin. The company’s later SEC filing put the purchase’s cost basis at $500.0 million. The investment was approved as a treasury reserve asset, but the company later pledged nearly all of the Bitcoin in a covered-call arrangement, so its exposure is not the same as holding all 4,710 coins directly.
How much Bitcoin did GameStop buy?
GameStop said it purchased 4,710 Bitcoin in a May 28, 2025 announcement. The announcement gave the amount of Bitcoin, not its purchase price. A subsequent Form 10-Q reported a $500.0 million cost basis for those Bitcoin, establishing the commonly cited “$500 million” figure. GameStop’s purchase announcement and its Form 10-Q for the quarter ended August 2, 2025 distinguish the announcement from the later accounting disclosure.
Why did GameStop buy Bitcoin?
On March 25, 2025, GameStop said its board had approved a revised investment policy designating Bitcoin as a treasury reserve asset. The policy allowed the company to invest a portion of its cash, or future debt and equity proceeds, in Bitcoin. That is the stated rationale supported by the company’s disclosures; they do not establish a more specific personal explanation from a named executive.
What happened to GameStop’s Bitcoin?
August 2025: reported cost and fair value
In its filing for the quarter ended August 2, 2025, GameStop reported the 4,710 Bitcoin at a $500.0 million cost basis and a fair value of $528.6 million as of that date. The fair value is a dated balance-sheet measurement, not a current valuation. GameStop also said it had not sold any of the Bitcoin it purchased during the second quarter of fiscal 2025.
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Fiscal fourth quarter 2025: most of the Bitcoin pledged
During the fourth quarter of fiscal 2025, GameStop entered a covered-call arrangement with Coinbase Credit and pledged 4,709 Bitcoin as collateral. Coinbase had contractual rights to rehypothecate, commingle, or unilaterally sell that collateral. GameStop concluded that control had transferred and recorded a digital-assets receivable for its contractual right to receive equivalent Bitcoin. The arrangement was a pledge and related contract, not evidence that GameStop completed a sale of those 4,709 Bitcoin. Details are in the company’s August 2, 2025 Form 10-Q and its later Form 10-Q for the quarter ended August 1, 2026.
August 2026: direct holdings, receivable, and covered calls
In its latest available quarterly filing, for the quarter ended August 1, 2026, GameStop listed 1.0 Bitcoin held directly, with a $0.2 million cost basis and $0.1 million fair value. It described the 4,709 pledged Bitcoin as a digital-assets receivable instead of direct Bitcoin holdings. The filing also reported outstanding covered-call contracts referencing approximately 2,000 Bitcoin, with a $70,000 strike and maturities through September 25, 2026, plus a $2.0 million derivative liability.
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This accounting distinction matters: direct Bitcoin, a contractual receivable for equivalent Bitcoin, and covered-call exposure are not interchangeable descriptions of assets or positions. The filing said GameStop neither bought nor sold Bitcoin during the first half of fiscal 2026.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the latest filing report about the investment’s performance?
GameStop reported a $75.0 million loss on digital assets and related receivables for the three months ended August 1, 2026. This is a period-specific accounting loss covering digital assets and related receivables; it is not the original $500.0 million purchase cost and should not be read as a stated realized cash loss. The filing does not make the earlier $528.6 million fair value a current valuation.
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Key dates and figures
| Date or period | What GameStop reported |
|---|---|
| March 25, 2025 | Board approved a revised investment policy allowing Bitcoin as a treasury reserve asset. |
| May 28, 2025 | Announced purchase of 4,710 Bitcoin; the announcement did not state the purchase price. |
| August 2, 2025 | 4,710 Bitcoin; $500.0 million cost basis and $528.6 million fair value as of that date. |
| Fiscal fourth quarter 2025 | Pledged 4,709 Bitcoin in a Coinbase Credit covered-call arrangement; recorded a receivable for the right to equivalent Bitcoin. |
| Three months ended August 1, 2026 | Reported a $75.0 million loss on digital assets and related receivables. |
| First half of fiscal 2026 | Reported no Bitcoin purchases or sales. |
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