According to its SEC quarterly filing submitted Thursday, GameStop renewed Bitcoin options contracts with Coinbase, with strike prices falling to $80,000 from the prior range of $105,000 to $110,000. The arrangement ties up nearly all of its Bitcoin and converts them from direct holdings to repayment claims, now valued at $369.6 million, about $58 million below cost.
The Bitcoin strategy contributed roughly $1 million in gains during the quarter ending May 2, when GameStop posted record net income of $390 million. Bitcoin traded near $63,900 as of Friday, down 34% from the year's high.