On Friday, GameStop moved its entire Bitcoin holding—4,710 BTC, worth more than $422 million—to Coinbase Prime, prompting speculation it may be reversing its Bitcoin treasury strategy. The move was noted by CryptoQuant on X, which “asked” “GameStop throws in the towel?” and called the transfer “likely to sell”.
GameStop accumulated the 4,710 BTC in May at an average purchase price near $107,900 per coin. CryptoQuant said selling at about $90,800 per BTC would imply roughly $76 million in losses.
The firm launched a Bitcoin treasury after Ryan Cohen met with Strategy chair Michael Saylor last February to discuss implementation. GameStop has not publicly confirmed any sale (Ed. note: GameStop did not respond to requests for comment).
A Wednesday filing showed Ryan Cohen bought another 500,000 GME shares, a stake worth more than $10 million. That purchase helped the retailer’s share price rise over 3% on Thursday.
More than 190 publicly traded companies now hold Bitcoin on their balance sheets, and several have launched treasuries in Ether and Solana. Recent coverage has also tracked a volatile IPO and broader market outlook related to corporate crypto treasuries.
