GameStop’s Bitcoin covered-call strategy faces a key test Friday as the cryptocurrency trades well above the company’s disclosed $70,000 strike price. A Sept. 9 filing said contracts tied to roughly 2,000 BTC were outstanding as of Aug. 1, with maturities extending through Sept. 25. Bitcoin was around $85,662 on Sept. 22, placing it more than $15,000 above the strike and implying roughly $31.3 million in potential upside surrendered across the referenced holdings if the calls remain open. That amount is not a realized loss, because GameStop collected option premiums and the final result depends on contract terms, premiums received, and whether the positions were closed or rolled. Covered calls generate income by selling investors the right to participate in gains above a specified price, but they limit appreciation beyond that level while outstanding. GameStop has acknowledged that its program restricts participation in Bitcoin gains above the relevant strikes. The company recorded a $2 million derivative liability for covered calls as of Aug. 1 and reported about $13.8 million in gains from changes in their fair value during the first half of fiscal 2026, including earlier contracts that had matured. The filings do not establish whether the current contracts remain in place, or whether the private over-the-counter contracts settle in cash or Bitcoin, permit early exercise, or include particular automatic-exercise, netting, and closeout provisions. The 2,000 BTC referenced by the calls is separate from the 4,709 BTC pledged to Coinbase Credit under a broader collateral arrangement. GameStop’s Sept. 8 earnings release provided no update beyond the Aug. 1 snapshot, leaving the next filing as the clearest indication of how the company is managing its Bitcoin treasury as prices rise.