GameStop has transferred its entire Bitcoin stash to Coinbase Prime, triggering fresh speculation that the video game retailer may be preparing to unwind its short-lived Bitcoin treasury strategy.
Key Takeaways:
Blockchain analytics firm CryptoQuant flagged the move on Friday after identifying a wallet labeled as belonging to GameStop that sent all 4,710 BTC, worth roughly $420 million at current prices, to Coinbase’s institutional trading platform.
“GameStop throws in the towel?” CryptoQuant asked in a post on X, suggesting the transfer was “likely to sell.”
If liquidated near recent market prices, the sale would lock in a sizable loss.
CryptoQuant estimates GameStop accumulated its Bitcoin in May at an average price of around $107,900 per coin, implying unrealized losses of roughly $75 million to $85 million, depending on execution price.
GameStop announced its Bitcoin purchase earlier this year after CEO Ryan Cohen met with Strategy chairman Michael Saylor in February to discuss corporate crypto treasury models.
At the time, the move aligned the meme-stock retailer with a growing group of public companies experimenting with digital assets as balance-sheet holdings.
GameStop throws in the towel?
— CryptoQuant.com (@cryptoquant_com) January 23, 2026
Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell.
Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M.
Now selling for around $90.8K, potentially realising approximately… pic.twitter.com/Bp7MwRVQ43
Since the transfer, GameStop has not publicly confirmed whether it has sold or intends to sell the Bitcoin.
While moving funds to Coinbase Prime often precedes a sale, given the platform’s deep liquidity and execution tools, such transfers do not always signal imminent liquidation.
Coinbase Prime also provides custody and wallet management services through its regulated trust business, leaving open the possibility of an internal restructuring.
The timing has fueled debate. Corporate Bitcoin treasuries surged in popularity throughout 2024 and early 2025, but the model has faced growing scrutiny as crypto prices pulled back sharply in recent months.
Several firms that adopted similar strategies are now sitting on steep paper losses, prompting some to trim holdings to shore up balance sheets.
Ethereum-focused ETHZilla, for example, recently disclosed selling part of its Ether reserves to reduce debt.
The transfer also coincides with renewed activity from Cohen himself.
A regulatory filing this week revealed the CEO purchased an additional 500,000 GameStop shares worth more than $10 million, helping push GME shares up over 3% on Thursday.
The stock move added another layer of intrigue, with some investors viewing the buy as a vote of confidence amid uncertainty around the company’s crypto exposure.
Despite the recent pressure, corporate crypto treasuries remain embedded in traditional markets.
Earlier this month, MSCI opted not to remove digital asset treasury companies from its indexes, a decision that spared firms like Strategy from potential billions in passive outflows.
The post GameStop Transfers $420M in Bitcoin to Coinbase, Sparking Exit Speculation appeared first on Cryptonews.
GameStop moved its entire Bitcoin stash into Coinbase Prime this month, according to blockchain trackers that monitor large transfers.
The wallet associated with the company sent a large deposit to the institutional arm of Coinbase, a platform used by big traders and companies.
Analysts watching on-chain flows immediately flagged the move as a likely setup for a sale, though no confirmed sell orders have been announced.
According to on-chain reports, GameStop holds 4,710 BTC that it bought last year, and that full balance was shifted into Coinbase Prime.
The company first bought the coins in May 2025 at prices that averaged near $107,900 per BTC, a buy that cost roughly $504 million at the time.
Moving a corporate treasury from cold storage to an active institutional account is often read as a step toward execution — to sell, hedge, or rebalance — but it is not the same as a sale itself.
GameStop throws in the towel?
Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell.
Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M.
Now selling for around $90.8K, potentially realising approximately… pic.twitter.com/Bp7MwRVQ43
— CryptoQuant.com (@cryptoquant_com) January 23, 2026
Reports say the math is simple and stark: selling now, with Bitcoin trading closer to the $90,000 area, would lock in a sizable loss versus the initial purchase price.
Several analytics firms put that figure near $76 million if the whole lot were sold at recent market levels. Some market watchers suggest the company could be doing tax-loss harvesting or trimming volatile assets on its books.
Others view it as a pragmatic adjustment to reduce treasury exposure to crypto swings. Still, defenders of the move point out that GameStop’s Bitcoin stake was never a core retail play; it was a treasury experiment meant to diversify.
Not all outlets agree on timing or size of day-by-day transfers. Reports note that some transfers earlier this month added up to about half of the original position — roughly 2,396 BTC moved in smaller tranches before the full deposit was flagged.
On-chain sleuths track each shift, and those staggered movements can mean many things: a staged sale, an internal reorganization, or simply routing through a trusted custodian before any trades.
Market And Shareholder ReactionShare action around GameStop has not mirrored the crypto chatter. While Bitcoin watchers focused on the wallet move, investors were also reacting to company news on other fronts, including fresh share purchases by CEO Ryan Cohen.
Featured image from PeterPhoto, chart from TradingView
On-chain data from CryptoQuant shows GameStop has deposited its entire Bitcoin stack into Coinbase Prime, a potential sign of selling.
In a new post on X, on-chain analytics firm CryptoQuant has revealed how GameStop just moved all its Bitcoin holdings to Coinbase Prime, the institutional prime brokerage wing of cryptocurrency exchange Coinbase. GameStop is an American videogame retailer that’s considered the largest chain of its kind in the world. In recent years, the company has seen a decline as physical gaming stores have increasingly lost relevance in the digital era.
In 2025, the struggling retailer diversified by adopting a Bitcoin treasury reserve, following in the footsteps of other firms like Strategy. As the chart below, shared by CryptoQuant, shows, the company bought 4,710 BTC between May 14th and 23rd. These purchases involved an average buying price of $107,900 per token, costing GameStop a total of $504 million.
It’s also visible in the graph that the company has cleared out all of its wallets recently, with its total holdings dropping to zero. GameStop has made these moves as the asset has gone through a bearish turn since October.
As this other chart showcases, the firm’s reserve was trading a notable amount below its investment value before the outflows occurred.
According to CryptoQuant, the transfer of GameStop’s holdings to Coinbase Prime could be a sign that the retailer is preparing to sell, a move that would lock in losses of around $76 million at current prices.
The potential sale of GameStop’s Bitcoin reserve has come alongside a significant number of store closures. According to a blog that compiles data using the retailer’s online store locator, 470 stores have so far either been confirmed to be closing or closed this January.
Back in 2021, GameStop was the highlight of a “meme stock” frenzy, in which its share price saw a 1,500% spike alongside a short squeeze over the course of two weeks.
Later in that year, the company decided to take a gamble on a non-fungible token (NFT) marketplace, attempting to ride the NFT craze of the period. Its platform hit the market in 2022, but it wasn’t long before GameStop started winding it down, and ultimately shuttered its doors in early 2024.
If the latest Bitcoin transactions represent sales, then it would mean that GameStop’s BTC treasury initiative has met a similar end as its NFT venture.
Bitcoin has returned to the $89,100 mark following this week’s pullback.
Six and a half years ago—after a failed corporate sale attempt, massive financial losses, and the departure/layoff of many key staff—I wrote about what seemed at the time like the "imminent demise" of GameStop. Now, after five years of meme stock mania that helped prop up the company's finances a bit, I'll admit the video game and Funko Pop retailer has lasted much longer as a relevant entity than I anticipated.
GameStop's surprisingly extended run may be coming to an end, though, with Polygon reporting late last week that GameStop has abruptly shut down 400 stores across the US, with even more closures expected before the end of the month. That comes on top of 590 US stores that were shuttered in fiscal 2024 (which ended in January 2025) and stated plans to close hundreds of remaining international stores across Canada, Australia, and Europe in the coming months, per SEC filings.
GameStop still had just over 3,200 stores worldwide as of February 1, 2025, so even hundreds of new and planned store closures don't literally mean the immediate end of the company as a going concern. But when you consider that there were still nearly 6,000 GameStop locations worldwide as of 2019—nearly 4,000 of which were in the US—the long-term trend is clear.
© Ava Williams/NBC/NBCU Photo Bank via Getty Images
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