GameStop has converted its $368 million Bitcoin holdings into an options payout strategy.

CoinFeed reported on March 27th that, according to CoinDesk, GameStop disclosed in its annual report that 4,709 of its 4,710 Bitcoins were pledged to Coinbase as collateral for an over-the-counter covered call option strategy. The company earns premium income by selling short-term call options with strike prices between $105,000 and $110,000, while preserving the potential for Bitcoin appreciation. This strategy means its Bitcoin holdings are no longer recorded as directly held assets but rather as receivables. Because Coinbase can re-pledge or redeploy pledged Bitcoins, GameStop no longer classifies these assets as directly held. The company reported that receivables related to pledged Bitcoins amounted to $368.3 million at the end of the fiscal year, while also recording an unrealized loss of $59.7 million due to the decline in Bitcoin prices.