GameStop may have surrendered $31 million of Bitcoin upside with one options trade
Summary
GameStop’s disclosed covered calls on about 2,000 BTC had a $70,000 strike and maturities through Sept. 25. With Bitcoin near $85,662 on Sept. 22, the contracts could cap further gains; the spot-strike gap represents roughly $31.3 million in potential upside forgone, not a realized loss. GameStop received premiums, and the actual outcome depends on contract terms and whether it closed or rolled the positions. The company has not confirmed whether the calls remain open. Its Aug. 1 filing reported a $2 million derivative liability and $13.8 million in first-half fair-value gains, while leaving settlement terms and current exposure unclear. The calls cover BTC separate from 4,709 BTC pledged to Coinbase Credit.
