{"id":16549,"date":"2026-03-30T12:36:24","date_gmt":"2026-03-30T19:36:24","guid":{"rendered":"https:\/\/jasonsblog.ddns.net\/?p=16549"},"modified":"2026-03-30T12:36:58","modified_gmt":"2026-03-30T19:36:58","slug":"gamestop-transfers-all-but-1-bitcoin-to-coinbase-as-collateral","status":"publish","type":"post","link":"https:\/\/jasonsblog.ddns.net\/index.php\/2026\/03\/30\/gamestop-transfers-all-but-1-bitcoin-to-coinbase-as-collateral\/","title":{"rendered":"Gamestop Transfers All but 1 Bitcoin to Coinbase as Collateral"},"content":{"rendered":"\n

Is this a sign that we have more paper Bitcoin than actual Bitcoin? <\/p>\n\n\n\n

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Rehypothecation is subject to regulation, and there are often limits on the amount of a client\u2019s collateral that can be rehypothecated. For example, in the United States, the Securities and Exchange Commission (SEC) limits brokers to rehypothecating no more than 140%<\/strong> of a client\u2019s debit balance in a margin account.<\/p>\n<\/blockquote>\n\n\n\n

And Coinbase is handling the Bitcoin for the big Bitcoin ETF funds, so are they playing the same scam they do with paper gold? Beware the bankers and their schemes and scams…<\/p>\n\n\n\n

https:\/\/sherwood.news\/crypto\/gamestop-transfers-all-but-one-bitcoin-to-coinbase-as-collateral\/<\/a><\/p>\n\n\n

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It\u2019s been one year since GameStop added<\/a> bitcoinBTC $66,317.03 (-1.19%)<\/a> as a treasury reserve asset, but the company has since halted its accumulation strategy, joining a fray of companies pivoting away from HODLing the cryptocurrency.<\/p>\n\n\n\n

The gaming and collectibles retailer was at one point the 21st-largest bitcoin treasury company, but has since dropped to 190th after pledging all but one of its 4,710 bitcoin as collateral for its covered-call strategy with CoinbaseCOIN $159.65 (-0.92%)<\/a> Credit, data from Bitcoin Treasuries<\/a> shows. Earlier this year, GameStop moved 51% of its bitcoin<\/a> to Coinbase Prime, triggering speculation that it would offload the asset.<\/p>\n\n\n\n

Coinbase Credit has the \u201cright to rehypothecate, commingle, or unilaterally sell the Pledged Bitcoin,\u201d per GameStop\u2019s 10K filing<\/a> with the SEC on Tuesday. \u201cAs a result of these rights, we concluded that control of the Pledged Bitcoin transferred to the counterparty. Accordingly, we derecognized the Pledged Bitcoin as an intangible asset.\u201d That said, GameStop also \u201crecognized digital assets receivable of $368.3 million… representing our contractual right to receive equivalent amount of Bitcoin in the future.\u201d<\/p>\n\n\n\n

GameStop sold covered\u2011call option contracts, which have strike prices ranging from $105,000 to $110,000 and maturities extending through March 2026, to mitigate its exposure to bitcoin\u2019s price volatility and generate incremental yield. <\/p>\n\n\n\n

The move comes as a number of other bitcoin firms have reached a tipping point <\/a>and sold part of their stockpile. <\/p>\n\n\n\n