Why GameStop Put $315 Million in Bitcoin Into a Covered Call Options Strategy

In brief

• GameStop pledged 4,709 BTC BTC to a covered-call strategy on Coinbase Prime, giving the exchange the right to rehypothecate or sell the coins.
• The move reclassifies the holdings from an intangible asset to a receivable, changing how gains and losses flow through earnings.
• CEO Ryan Cohen…