GameStop has renewed its Bitcoin options arrangement with Coinbase, signaling a continued commitment to its crypto treasury strategy despite the arrangement yielding only modest income in the latest quarter. The company reported record net income of $389.6 million for the first quarter ended May 2, 2026, a significant jump from $44.8 million in the prior year. However, the Bitcoin holdings contributed a mere $1 million to these earnings through gains on digital assets.
The retailer began building its Bitcoin treasury in 2025, acquiring approximately 4,710 Bitcoin. For the recent quarter, nearly all of these holdings were committed to a covered-call strategy with Coinbase, where contracts expired on May 29. The new arrangement with Coinbase features a lower strike price, set at $80,000, down from the previous range of $105,000 to $110,000. This strategy prioritizes collecting premium income over maximizing exposure to Bitcoin's potential price appreciation.
While Bitcoin's direct contribution to GameStop's bottom line was minimal, the company's overall financial performance in the first quarter was robust. Net sales increased by 14% year-over-year to $835.3 million, primarily driven by a 65% surge in collectibles sales. This segment now accounts for nearly 42% of total revenue. The company also benefited from significant interest income on its substantial cash balance and unrealized gains from its investment in eBay options. GameStop ended the quarter with a strong liquidity position, reporting $9.7 billion in cash, marketable securities, digital assets, and collateral.
