GameStop transferred its entire bitcoin holdings — about 4,710 BTC worth roughly $420 million — to Coinbase Prime this week, analytics firm CryptoQuant noted. The move has fueled speculation that GameStop might be preparing to exit its bitcoin position, which would likely lock in an estimated loss of around $84 million at current prices. While large transfers to Coinbase Prime often signal intent to sell, the platform also provides institutional custody services, and GameStop has not yet commented on the transaction or its intentions.
Crypto watchers are speculating that video game retailer GameStop (GME) might be the latest firm to abandon its bitcoin treasury after moving all its coins to Coinbase this week. CryptoQuant spotted on Friday that a wallet labeled GameStop had transferred all its stash – some 4,710 BTC, worth about $420 million at current prices – to Coinbase Prime, the U.S.-based crypto exchange’s institutional arm. Blockchain data by Arkham Intelligence confirms the transfers.
If sold today at roughly $89,000 BTC price, the company would likely take a loss of around $84 million. CryptoQuant estimated it invested roughly $504 million at an average price of $107,900 per coin.
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