GameStop Moves $422M Bitcoin Treasury to Coinbase Prime Sparking Sale Concerns

TLDR:

• GameStop transferred 4,710 BTC worth $422 million to Coinbase Prime institutional trading platform Friday.
• The retailer accumulated Bitcoin in May 2025 at $107,900 average price, now trading around $90,800 per coin.
• CryptoQuant detected the move and suggested it signals a sale that could realize approximately $76M in losses.
• CEO Ryan Cohen recently purchased $10M in GME shares while the Bitcoin treasury strategy faces scrutiny.

GameStop has moved its complete Bitcoin treasury to Coinbase Prime, triggering widespread speculation about the retailer’s cryptocurrency strategy. 

The video game company transferred 4,710 BTC worth approximately $422 million to the institutional trading platform. 

Blockchain analytics firm CryptoQuant first detected the transaction and suggested the move signals a potential sale. The transfer could result in significant losses if executed at current market prices.

Corporate Treasury Strategy Faces Test

GameStop accumulated its Bitcoin position between May 14 and May 23, 2025, purchasing the digital assets at an average price of $107,900 per coin. The total investment amounted to roughly $504 million across multiple transactions. 

Current Bitcoin prices hover around $90,800, creating an unrealized loss position for the retailer. A complete liquidation at prevailing rates would generate approximately $76 million in losses.

The company entered the Bitcoin treasury space following discussions between CEO Ryan Cohen and Strategy Chairman Michael Saylor in February 2025. 

Strategy holds over 709,000 BTC and has championed corporate Bitcoin adoption strategies. GameStop joined more than 190 publicly traded companies maintaining Bitcoin on their balance sheets. 

The trend expanded throughout 2024 and early 2025 as firms explored alternative treasury management approaches.

CryptoQuant raised questions about GameStop’s intentions through a social media post on Friday. 

The blockchain intelligence platform asked whether the retailer was abandoning its position, writing “GameStop throws in the towel?” in a post to X. The firm noted the transfer was “likely to sell” the holdings, given the movement to Coinbase Prime. 

Coinbase Prime serves as an institutional-grade execution platform designed for large-scale cryptocurrency transactions. The platform typically facilitates high-volume trades for corporate and institutional clients.

GameStop has not issued any public statement regarding the transfer or its plans. Cointelegraph contacted the company for comment but received no immediate response. 

The absence of official communication has fueled market speculation about the retailer’s next moves. Industry observers continue monitoring on-chain activity for additional signals.

Market Conditions Challenge Digital Asset Treasuries

The corporate Bitcoin treasury model attracted attention during the bull market of 2024 and early 2025. Companies diversified into Ethereum, Solana, and various altcoins beyond Bitcoin holdings. 

However, market volatility in late 2025 tested the sustainability of these strategies. Share prices of digital asset treasury companies declined as investors questioned the approach.

Bitcoin’s price volatility has created challenges for firms using the cryptocurrency as a treasury asset. Many companies now face unrealized losses on their digital holdings. 

The sustainability debate intensified as crypto market movements outpaced operational business performance for several treasury-focused firms. 

GameStop’s potential exit would represent a notable reversal in corporate cryptocurrency adoption.

Ryan Cohen purchased 500,000 additional GameStop shares worth over $10 million on Wednesday. The transaction appeared in regulatory filings and contributed to a 3% stock price increase on Thursday. 

Cohen has consistently increased his personal stake in the company throughout recent months. Some analysts view the share purchase as a confidence signal in GameStop’s core business operations.

The timing of Cohen’s stock purchase alongside the Bitcoin transfer raises questions about strategic priorities. 

Market participants debate whether GameStop plans to refocus resources on traditional retail operations. 

The company has not clarified whether treasury reallocation connects to broader business strategy adjustments.