At a Glance
- GameStop moved its entire 4,710 BTC stash, worth more than $422 million, to Coinbase Prime.
- The transfer could signal a planned sale, potentially realizing $76 million in losses.
- CEO Ryan Cohen recently bought 500,000 shares worth over $10 million, boosting the stock.
- Why it matters: The move highlights the volatility of corporate crypto treasuries and could influence how other firms treat digital assets.
GameStop’s sudden transfer of all its Bitcoin holdings to Coinbase’s institutional trading platform has ignited speculation that the video-game retailer is re-evaluating its digital-asset strategy. The move, revealed by blockchain intelligence platform CryptoQuant, could indicate an imminent sale that would cut deep into the company’s crypto-related gains.
The Transfer
CryptoQuant posted on X that GameStop shifted its entire 4,710 BTC inventory to Coinbase Prime. The transfer was described as “likely to sell” the holdings. At the time of the move, Bitcoin was trading at $90,800 per coin. If GameStop liquidated the entire balance at that price, it would realize losses of roughly $76 million from its original purchase cost.
GameStop had accumulated the Bitcoin across several transactions in May, paying an average price of $107,900 per coin. The valuation at the time of transfer-more than $422 million-was therefore far above the current market value.
Treasury Origins
The retailer launched a Bitcoin treasury after its CEO, Ryan Cohen, met with Strategy chair Michael Saylor in February. The discussion focused on how companies could best implement crypto-based treasury strategies. Since then, GameStop has not publicly commented on whether it has sold or intends to sell its Bitcoin.
The company’s silence comes amid a broader trend: more than 190 publicly traded firms now hold Bitcoin on their balance sheets, and many have also added Ether, Solana and other altcoin treasuries over the past year.
Market Reaction
A Wednesday filing revealed that Ryan Cohen purchased another 500,000 shares of GameStop stock, worth over $10 million. The acquisition helped lift the retailer’s share price by over 3 % the following day.
The timing of the Bitcoin transfer and the share purchase has drawn attention from investors who monitor corporate treasury moves. Some analysts suggest that the Bitcoin sale could free up capital for further share buybacks or other strategic initiatives.
Index Inclusion and Investor Impact
Corporate crypto treasuries remain part of MSCI market indexes. Earlier this month, Morgan Stanley Capital International decided not to exclude digital-asset treasury companies from its index, a move that could prevent billions of dollars in passive capital from flowing out of firms like Strategy and other digital-asset treasury entities.
MSCI indicated it needed more time to differentiate between investment companies and firms that hold digital assets as part of their core operations. Exclusion from the index could have significant financial repercussions for these companies.
Industry Context
The rise of Bitcoin treasuries in 2024 and 2025 was driven by a wave of institutional interest. However, many firms saw their shares decline in the latter half of 2025 as the sustainability of such strategies came into question. GameStop’s potential sale may be an early sign of that shift.
CryptoQuant’s analysis underscores the risk of holding large digital-asset positions: a sudden price drop can translate into substantial unrealized losses. For a company with a public-market presence, such losses can affect investor perception and valuation.
What’s Next for GameStop?
GameStop has yet to comment on the transfer. Investors and analysts are watching closely for any official statement that might clarify whether the move is part of a broader strategy to reallocate capital or a reaction to market conditions.
If the company proceeds with a sale, the proceeds could be used to:
- Rebalance its treasury to reduce exposure to Bitcoin volatility.
- Fund new initiatives or share buybacks.
- Strengthen liquidity for future operations.
Key Takeaways
- GameStop has transferred all of its 4,710 BTC to Coinbase Prime, possibly preparing for a sale.
- The move could result in $76 million in realized losses if Bitcoin sells at $90,800.
- CEO Ryan Cohen’s recent purchase of 500,000 shares may signal confidence in the company’s fundamentals.
- Corporate crypto treasuries remain in MSCI indexes, but their future inclusion is under review.
- The incident highlights the risks associated with large digital-asset holdings for publicly traded companies.
GameStop’s next steps will likely influence how other firms approach crypto treasuries and could reshape investor expectations around digital-asset strategies.