GameStop may have surrendered $31 million of Bitcoin upside with one options trade
- —Covered calls on ~2,000 BTC with a $70,000 strike expire Sept. 25
- —Bitcoin traded near $85,662 on Sept. 22, over $15,000 above the strike
- —Spot-to-strike gap on 2,000 BTC equals about $31.3 million in forgone upside
- —As of Aug. 1, GameStop recorded a $2 million derivative liability and $13.8 million in fair-value gains
Why it matters: Friday's expiration will show whether GameStop still caps its Bitcoin treasury upside or has rolled the position.
Source: CryptoSlate