GameStop Transfers Entire Bitcoin Holdings to Coinbase, Sparking Speculation
GameStop, the popular video game retailer, has made a significant move by transferring its entire Bitcoin holdings to Coinbase’s institutional trading platform, Coinbase Prime. This development has sparked speculation that the company may be reconsidering its Bitcoin treasury strategy. According to blockchain intelligence platform CryptoQuant, GameStop moved its entire 4,710 Bitcoin (BTC) stash, worth over $422 million, to Coinbase Prime, leading to speculation that the company may be preparing to sell its holdings.
CryptoQuant noted that the transfer was “likely to sell” the holdings, which would result in GameStop realizing around $76 million in losses from its Bitcoin bet, assuming a sale price of $90,800. GameStop had accumulated 4,710 Bitcoin across several investments in May at an average purchasing price of $107,900. 
Source: CryptoQuant
Background and Context
GameStop launched its Bitcoin treasury after its CEO, Ryan Cohen, met with Strategy chair Michael Saylor in February to discuss how such strategies could be best implemented. The company hasn’t publicly addressed speculation that it has sold or intends to sell its Bitcoin. Cointelegraph reached out to GameStop for comment but didn’t receive an immediate response. This move comes as a Wednesday filing revealed GameStop CEO Ryan Cohen bought another 500,000 GME shares worth over $10 million, contributing to the retailer’s share price rising over 3% on Thursday.
Establishing Bitcoin treasuries became a popular institutional trend in 2024 and 2025, though many saw their shares tumble in the back half of 2025 as the sustainability of such strategies was called into question. More than 190 publicly traded companies hold Bitcoin on their balance sheets, while many others have also launched Ether (ETH), Solana (SOL), and other altcoin treasuries over the last 12 months.
Crypto Treasuries and Market Indexes
Crypto treasuries, particularly Strategy, scored a major win earlier this month when Morgan Stanley Capital International decided not to exclude digital asset treasury companies from its market index, for now. MSCI said it needed more time to distinguish between investment companies and other companies that hold digital assets as part of their core operations. Exclusion from MSCI indexes could have seen Strategy and other DATs lose billions of dollars in passive capital inflow.
For more information on this development and its implications, readers can refer to the original article on Cointelegraph.
