GameStop (NYSE: GME) has quietly moved its entire Bitcoin position to Coinbase Prime, and it did not take long for speculation to follow. The transfer has led many investors to wonder whether the company is preparing to unwind its brief experiment with holding Bitcoin on the balance sheet.
The company has not said anything publicly, but the timing and the destination of the transfer have kept the rumor mill active.
What We Know So Far
Blockchain data flagged by CryptoQuant shows that a wallet believed to belong to GameStop sent 4,710 Bitcoin to Coinbase Prime. At current prices, that stash is worth around $420 million.
Coinbase Prime is commonly used by institutions when they want deep liquidity and professional execution. That is why these kinds of transfers are often associated with upcoming sales. That said, Coinbase Prime also offers custody and wallet services, so a transfer alone does not guarantee liquidation.
Still, the move is hard to ignore.
CryptoQuant summed up the situation bluntly on social media, openly questioning whether GameStop was giving up on its Bitcoin strategy.
A Costly Exit if Bitcoin Is Sold
If GameStop does decide to sell near current prices, the math is not flattering.
CryptoQuant estimates the company bought its Bitcoin in May at an average price close to $107,900 per coin. With Bitcoin trading well below that level, a sale today would likely result in a loss of roughly $75 million to $85 million, depending on execution.
That kind of loss would not threaten GameStop’s survival, but it would make the strategy look poorly timed.
Why GameStop Bought Bitcoin in the First Place
GameStop announced the purchase earlier this year after CEO Ryan Cohen met with Michael Saylor in February to discuss corporate crypto treasury strategies. At the time, plenty of public companies were experimenting with Bitcoin as a long-term asset, especially after strong performance in 2024.
The idea was simple. Bitcoin was seen as a hedge, a store of value, or even a way to attract a new class of investors. Since then, prices have pulled back, and the enthusiasm around corporate crypto treasuries has cooled.
The Broader Shift in Sentiment
GameStop is not alone. As crypto prices have weakened, companies that embraced digital assets are now facing uncomfortable questions from investors.
Some firms have already started reducing exposure. Ethereum-focused ETHZilla recently sold part of its Ether holdings to help clean up its balance sheet. Moves like that suggest the tide may be turning, at least for companies that are not fully committed to crypto as a core strategy.
In that context, GameStop’s transfer looks less bold and more cautious.
Cohen’s Share Purchase Complicates the Story
Around the same time, Ryan Cohen disclosed that he bought 500,000 additional GameStop shares, spending more than $10 million. The stock rose more than 3 percent shortly after the filing.
Some investors took that as a confidence signal. Others see it as an attempt to stabilize sentiment while questions around Bitcoin linger. Either way, the timing added another layer to an already complicated situation.
What Investors Should Watch
For now, everything hinges on what GameStop says next, if anything at all.
Key things to watch include:
- Confirmation of whether the Bitcoin has been sold
- Any change in the company’s stance on crypto holdings
- How cash would be used if a sale is completed
Until then, the market is left guessing.
Bottom Line
Moving its entire Bitcoin position to Coinbase Prime puts GameStop back in the spotlight. If the company sells at current prices, it would likely lock in a meaningful loss and close the chapter on its short-lived Bitcoin treasury strategy.
A transfer does not guarantee a sale, but it changes the tone of the story. For now, investors appear more focused on capital discipline and core business execution than on crypto optionality.
