GameStop’s 4,709 BTC pledge and covered calls show a new corporate Bitcoin yield play

Corporate Bitcoin treasuries are shifting from passive holding to strategies designed to generate income while retaining BTC exposure. GameStop bought 4,710 BTC with about $500 million in May 2025, then moved 4,709 BTC to Coinbase Prime and used them as collateral for covered calls with $105,000–$110,000 strikes. The structure led to asset derecognition and a $131.6 million loss, alongside a $368.3 million receivable intended to preserve its economic exposure.