In a significant move that has caught the crypto and investment community’s attention, GameStop Corporation has transferred its entire Bitcoin holdings, comprising 4,710 BTC valued at over $422 million, to Coinbase Prime. This transfer has ignited speculation regarding the retailer’s future in the cryptocurrency space and raises the question: Is GameStop preparing to liquidate its Bitcoin assets?
Blockchain intelligence firm CryptoQuant flagged the transaction, implying that this move may signal GameStop’s intent to sell its Bitcoin holdings. Selling at the current Bitcoin price of approximately $90,800 would incur about $76 million in losses for GameStop, considering they accumulated their Bitcoin at an average price of $107,900 in May 2024.
This transfer comes despite GameStop’s ambitious initiatives in the crypto sector, which began under the leadership of CEO Ryan Cohen. The company had initially aimed to establish a robust Bitcoin treasury after Cohen met with Michael Saylor, a figurehead in the Bitcoin space, in early 2024. Their vision was to tap into the burgeoning digital asset market as part of a broader strategy to invigorate the company’s operations amid challenging retail conditions.
Following the news of the transfer, GameStop shares saw a dip of over 3% on the stock market, indicating investor nerves over the future of its crypto holdings. However, it’s worth noting that GME had shown recent strength; the stock increased by over 3% just a day prior after Cohen announced he had acquired an additional 500,000 shares for over $10 million.
The Bitcoin holdings, which had reached a peak value of $593 million during the crypto surge in October 2025 when Bitcoin hit $126,000, have sharply declined in value since. The current situation illustrates the volatility inherent not only to cryptocurrencies but also to companies that attempt to leverage digital assets. As of now, GME is trading around $22, reflecting a broader sentiment of uncertainty.
Critics of the Bitcoin investment have begun to surface. Some analysts have suggested Cohen’s initial excitement about adding Bitcoin to GameStop’s balance sheet was more about spurring stock price appreciation than a well-defined crypto strategy. Jacob King, a crypto commentator, suggested that Cohen’s departure from Bitcoin may indicate a shift in strategy, possibly looking to redirect funds toward other avenues.
In reaction to the market dynamics and critiques, some market observers believe that GameStop could still have plans for the capital generated from potential Bitcoin sales. Reese, a commentator on GME stock, reflected optimism in Cohen’s investment acumen, asserting that “there’s no way they randomly eat this loss when Ryan Cohen has been known to be a patient investor.” This speculation posits that GameStop might pursue alternative investments that promise higher returns.
As the scenario unfolds, the conversation surrounding corporate crypto treasuries continues to evolve. More than 190 publicly traded companies currently hold Bitcoin, but as we have seen, the pressures of market volatility have raised significant doubts regarding the sustainability of these strategies. The fate of GameStop’s Bitcoin venture remains uncertain, and the broader implications for corporate crypto strategy in retail are a narrative that will keep investors and analysts watching closely.
