GameStop Renews Coinbase Bitcoin Strategy with Lowered Strike Price

The retailer’s latest filing with the U.S. Securities and Exchange Commission confirms that the company maintains its pledged position in cryptocurrency, though the assets no longer appear as direct holdings on its balance sheet. Under the revised terms, GameStop reports a $369.6 million claim for repayment from Coinbase, a value roughly $58 million below the original cost of the coins. By entering these agreements, the company grants Coinbase the right to acquire the pledged Bitcoin if the market price exceeds the $80,000 threshold before the new contracts expire.

Despite the scale of the Bitcoin involvement, the strategy played a secondary role in the company's quarterly financial performance. GameStop posted approximately $390 million in net income, largely driven by interest on cash reserves and gains linked to an eBay derivatives position. This comes as the company advances an unsolicited $55.5 billion bid to acquire eBay, proposing to fund the deal through a split of cash and stock. While Bitcoin remains a fixture of the treasury approach, it contributed only $1 million in gains during the quarter, as the asset continues to trade significantly below GameStop’s average purchase price.