Crypto watchers are speculating that video game retailer GameStop (GME) could be the latest company to abandon its bitcoin. cash after moving all of its coins to Coinbase this week.
Blockchain analytics firm CryptoQuant spotted Friday that a wallet called GameStop had transferred all of its reserves — some 4,710 BTC, worth about $420 million at current prices — to Coinbase Prime, the institutional arm of the U.S.-based crypto exchange. Blockchain data from Arkham Intelligence confirms the transfers.
GameStop announced the purchase of Bitcoin in May. Although the company did not disclose how much it spent on the reserve, CryptoQuant estimated it invested around $504 million at an average price of $107,900 per coin. If sold today for around $89,000 BTC, the company would likely incur a loss of around $84 million.
Is GameStop selling?
This maneuver sparked speculation in crypto circles that GameStop could exit its Bitcoin position. Especially since this has come at a time when digital asset treasury companies are under increasing pressure as crypto markets have tumbled in recent months, leaving them with large unrealized losses on their holdings. Some of them, like Ethereum-focused ETHZilla (ETHZ), have already sold a significant portion of their ether stash to reduce debt.
While moving funds to Coinbase Prime, a platform aimed at institutional clients, often signals an intent to sell, not all large transfers necessarily imply imminent liquidation.
Coinbase Prime also offers custody services to institutions through its regulated trust company, which could, in theory, mean internal transfers and portfolio management.
GameStop has not yet commented on the transfer.
