GameStop has moved its entire holding of 4,710 Bitcoin, valued at over $422 million, to Coinbase Prime, raising questions about the company's future approach to its Bitcoin investments. This transfer was noted by blockchain intelligence platform CryptoQuant, which suggested that the action could be indicative of a potential sale of the cryptocurrency holdings, especially given the current Bitcoin price of $90,800. Such a sale would result in approximately $76 million in losses based on GameStop's average purchase price of $107,900 per Bitcoin.
Previously, GameStop initiated its Bitcoin treasury strategy following a meeting between CEO Ryan Cohen and Strategy chair Michael Saylor in February. While speculation grows regarding the fate of its Bitcoin assets, GameStop has not confirmed any plans to sell. In other developments, a recent filing revealed that Cohen acquired an additional 500,000 GME shares, valued at over $10 million, contributing to a rise of more than 3% in the company's share price on Thursday.
As of now, more than 190 publicly traded companies hold Bitcoin, with many exploring various cryptocurrency treasuries. The institutional trend of establishing such treasuries saw a notable surge in 2024 and 2025, despite recent concerns regarding their sustainability and performance.