GameStop Moves Bitcoin Stash to Coinbase Prime, Possible Sale

GameStop has moved its entire Bitcoin holdings to Coinbase Prime, prompting speculation that the company may be reassessing its Bitcoin treasury approach. The transfer involved 4,710 Bitcoin (BTC), valued at more than $422 million, according to blockchain analytics firm CryptoQuant, which flagged the activity on Friday.

CryptoQuant indicated the transaction was likely preparatory to a sale, adding that if executed with Bitcoin at $90,800, GameStop would incur an estimated $76 million loss relative to its cost basis. The retailer accumulated 4,710 BTC in May across multiple purchases at an average price of $107,900.

Source: CryptoQuant

GameStop established a Bitcoin treasury after CEO Ryan Cohen met with Strategy chair Michael Saylor in February to discuss potential implementation strategies. The company has not publicly commented on whether it has sold, or plans to sell, its Bitcoin holdings.

A Wednesday filing showed CEO Ryan Cohen purchased an additional 500,000 GME shares for more than $10 million, with the stock rising over 3% on Thursday.

Institutional Bitcoin treasuries gained momentum in 2024 and 2025, though many companies saw share price declines in the second half of 2025 as questions emerged about the durability of the strategy. More than 190 publicly listed companies hold Bitcoin on their balance sheets, while others have added Ether (ETH), Solana (SOL), and additional altcoins over the past 12 months.

Crypto treasuries remain included in MSCI market indexes

Earlier this month, MSCI opted not to exclude digital asset treasury companies from its market indexes, a decision seen as significant for Strategy and peers. MSCI said it requires more time to differentiate between investment companies and firms that hold digital assets as part of their core operations.

MSCI noted that exclusion could have resulted in Strategy and other DATs losing billions of dollars in passive capital inflows.

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