GameStop's Bitcoin Options Strategy Faces Crucial Test Amid Rally

GameStop's Bitcoin options strategy is facing a crucial test as the cryptocurrency trades above its disclosed $70,000 call strike. The company reported that it had covered-call contracts tied to roughly 2,000 BTC outstanding as of August 1, with maturities extending through September 25.

BTC was trading around $85,662 on September 22, leaving the token more than $15,000 above the strike. If those calls remain open through expiration, GameStop would have capped its participation in further gains on the covered Bitcoin.

The difference between spot and the $70,000 strike amounts to roughly $31.3 million across 2,000 BTC. This figure represents potential upside surrendered under the strategy rather than a realized loss.