ꪝʬ𝔢𝔰𝔰✭$🅶🅼🅴
25.1K posts

ꪝʬ𝔢𝔰𝔰✭$🅶🅼🅴
@gloryyousss
$GME ꪑꪖ᥊ⅈꪑꪖꪶⅈડ𝕥 ③ⓧⓧⓧ H͙O͙D͙L͙E͙R͙⏳📈ʷᵉᵇ3 ᵉⁿᵗʰᵘˢⁱᵃˢᵗ ♔G̺͆L̺͆O̺͆ryous➪➪ Aye why you grinding so hard?, Cuz a nigga hate the bottom




GameStop bought 4,710 Bitcoin. Their balance sheet now shows 1. The other 4,709 are in a Coinbase collateral agreement with full rehypothecation rights. GameStop transferred its entire stack to Coinbase Prime, sold OTC covered call options with $105K-$110K strikes expiring late March 2026, and collected premium income. The collateral agreement required removing 4,709 BTC from the balance sheet. What replaced it: a "digital assets receivable" valued at $368.3M. Rehypothecation means Coinbase can lend those coins, use them as their own collateral, or mix them with other customer assets. This is the same mechanism that blew up MF Global and Lehman Brothers. GameStop dropped from the 21st largest public Bitcoin holder to 190th overnight. Not because they sold. Because the coins aren't legally on their books anymore. The covered calls cap upside at $105-110K per coin. If Bitcoin runs past that, Coinbase exercises and GameStop delivers at the strike. Result so far: a $131.6M reported loss on digital assets for the fiscal year. Strategy holds 762,099 BTC and has never pledged a single coin as collateral. GameStop held 4,710 for less than a year before turning them into a yield product. Not your keys, not your coins has never been more literal.

























