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.