GameStop may have forgone $31M in Bitcoin upside on options trade
Bitcoin traded above the $70,000 strike before the Sept. 25 expiry, but GameStop's position status and settlement terms remain undisclosed.
GameStop may have left roughly $31 million in Bitcoin gains on the table through a single options position, according to a CryptoSlate report. The trade was tied to a $70,000 strike, and Bitcoin traded above that level ahead of the contract's Sept. 25 maturity.
The $31 million figure represents the upside the company may have given up rather than realized losses. CryptoSlate noted that the status of GameStop's position and the terms on which it was settled have not been disclosed.
What remains unclear
- Whether the option was exercised, closed out, or allowed to expire
- Whether GameStop retains the underlying Bitcoin or has sold it
- The identity of the counterparty and the full economics of the trade
The report highlights a broader disclosure question for public companies that hold bitcoin or use derivatives tied to it: investors often learn about treasury exposure only through quarterly filings, well after positions are opened or closed. Without confirmation from GameStop, the reported $31 million shortfall remains an estimate based on the strike, expiry and prevailing price rather than on disclosed settlement details.