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GameStop’s 10-Q says Coinbase can liquidate its BTCprotos.com/gamestops-10-q-says-coinbase-can-liquidate-its-btc/
660 sats \ 5 comments \ @0xbitcoiner 11 Jun lol bitcoin Stacker_Stocks
GameStop no longer owns the keys to the bitcoin (BTC) that its shareholders celebrate as one of its coolest and most valuable assets.

According to its latest quarterly SEC filing, CEO Ryan Cohen has pledged all 4,709 BTC to Coinbase Credit.

Workers employed by Coinbase CEO Brian Armstrong, not Cohen, now have rights to “rehypothecate, commingle, or unilaterally sell the pledged BTC” worth approximately $300 million at current prices.

GameStop, the videogame retailer-turned-meme stock and digital asset treasury company, bought 4,710 BTC for $500 million in mid-2025, at an average cost above $106,000 per coin.

...read more at protos.com
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64 sats \ 2 replies \ @grayruby 11 Jun

What did they get in return?

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12 sats \ 0 replies \ @0xbitcoiner OP 11 Jun
As its BTC holdings declined in value by hundreds of millions of dollars, GameStop got creative. 

In late 2025, the company pledged all 4,709 of those coins to Coinbase Credit as collateral for a covered-call options strategy. It was a way to squeeze out some premium income out of an otherwise idle treasury asset.

The catch to selling a call, however, is that you sell the right to call away your collateral, as the name suggests quite obviously.
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3 sats \ 0 replies \ @BlokchainB 11 Jun

I would assume some sort of credit facility.

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3 sats \ 0 replies \ @JustinNakamoto 12 Jun

Coinbase is GOING TO ZERO

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3 sats \ 0 replies \ @SatoshiTrails 12 Jun -30 sats

This is exactly the problem with corporate treasury Bitcoin held through a custodian. They buy the headline, skip the custody. Coinbase can liquidate under certain conditions and GameStop's shareholders probably have no idea that clause exists. Not your keys, not your Bitcoin, applies to companies just as much as individuals.