Observers in the cryptocurrency realm are speculating that GameStop (GME), a prominent video game retailer, may be on the verge of divesting its bitcoin holdings. This speculation arises following the company’s recent transfer of all its bitcoin assets to Coinbase.
On Friday, blockchain analytics firm CryptoQuant identified a wallet associated with GameStop that had moved approximately 4,710 BTC, valued at around $420 million based on current market rates, to Coinbase Prime—the institutional division of the U.S.-based crypto exchange. Blockchain data from Arkham Intelligence corroborates these transactions.
GameStop bitcoin holdings (Arkham Intelligence)
In May, GameStop revealed its acquisition of bitcoins; however, it did not disclose the total expenditure for this investment. According to estimates by CryptoQuant, it is believed that GameStop invested roughly $504 million at an average price of $107,900 per coin. If they were to sell now at approximately $89,000 per BTC, they would incur an estimated loss of about $84 million.
Is GameStop liquidating?
This recent action has ignited discussions within crypto communities regarding whether GameStop is indeed selling off its bitcoin assets. The timing coincides with increasing pressure on digital asset treasury firms as cryptocurrency markets have experienced significant downturns over recent months—resulting in substantial unrealized losses for many holders. Some firms like Ethereum-focused ETHZilla (ETHZ) have already sold off portions of their ether reserves to alleviate debt burdens.
The act of transferring funds to Coinbase Prime—a platform designed for institutional clients—often suggests a potential sale; however, not every large transaction necessarily indicates an immediate liquidation event.
Additionally, Coinbase Prime provides custodial services through its regulated trust company for institutions which could imply internal transfers and wallet management rather than outright sales.
No official statement has been made by GameStop regarding this transfer as yet.