On June 12, 2026, two veteran companies with significant Bitcoin treasuries revealed starkly contrasting approaches to managing their crypto holdings. GameStop, the video-game retailer, disclosed it had renewed a covered call options strategy with Coinbase that effectively caps its bitcoin upside, while SpaceX, newly public after its Nasdaq debut, stunned the market by unveiling a 18,712 BTC position worth approximately $1.2 billion — more than double what on-chain analysts had previously estimated.
GameStop’s Options Gamble
According to a quarterly SEC filing, GameStop has tied virtually all of its 4,710 BTC into options contracts with Coinbase Credit, renewing a deal after a prior batch expired on May 29. The pledged coins are no longer accounted as direct holdings but as a $369.6 million repayment claim — about $58 million below their original cost. The company sold call options with a strike price dropped to $80,000 from the earlier $105,000–$110,000 range, giving Coinbase the right to claim the coins if bitcoin surpasses that level. In exchange, GameStop collected $5.8 million in premiums during the quarter ending May 2.
However, the strategy added only about $1 million to earnings, a rounding error in a quarter where GameStop posted a record net income of $390 million, driven largely by interest on its cash reserves and paper gains on eBay options rather than its core retail business. With bitcoin trading near $63,900 on June 12 — roughly 34% below the year’s high and well below the strike — the options expired worthless, allowing GameStop to pocket the premiums but leaving it exposed if bitcoin surges past $80,000. The approach has drawn criticism as it surrenders upside potential in favor of small cash flows.
SpaceX’s Hidden Bitcoin Hoard Revealed
In stark contrast, SpaceX’s S-1 registration statement filed with the SEC for its initial public offering revealed that the aerospace giant holds 18,712 BTC — a figure more than twice the 8,285 BTC that tracking services like BitcoinTreasuries.net and Arkham had attributed to the company. The disclosure means that over 10,400 coins were accumulated quietly since 2021, when SpaceX first began buying bitcoin. The total cost basis stands at $661 million, implying an average purchase price of approximately $35,320 per coin. At current market prices around $63,500, the position shows an unrealized gain of roughly 80%.
SpaceX’s Nasdaq debut under the ticker SPCX instantly places it as the seventh-largest bitcoin holder among publicly traded companies, wedged just behind Strive (19,032 BTC) and ahead of Coinbase and Riot Platforms. Combined with Tesla’s long-static 11,509 BTC, Elon Musk-controlled firms now command over 30,200 BTC on public balance sheets, with SpaceX overtaking Tesla as Musk’s largest bitcoin vehicle.
The filing describes the bitcoin as a strategic reserve for excess cash, and the decision to carry it onto public markets carries broad implications. Under recent FASB fair-value accounting rules, companies must mark their bitcoin holdings to current market prices each reporting period. This could introduce significant volatility into SpaceX’s future quarterly earnings: a $10,000 swing in bitcoin’s price would add or subtract nearly $190 million in nominal net income, independent of rocket launches or Starlink subscriptions. Moreover, Nasdaq’s fast-entry rules could make SPCX eligible for major indexes like the Nasdaq-100 within 15 trading days, meaning millions of passive investors would inherit indirect bitcoin exposure through their index funds.
The juxtaposition of GameStop’s cautious, income‑focused options strategy with SpaceX’s conviction‑driven, long‑term reserve underscores the evolution of corporate bitcoin treasuries — and the fact that even among early adopters, the playbook is far from uniform.
