GameStop Locking In $76M Bitcoin Loss? Holdings Hit Coinbase
On-chain knowledge from CryptoQuant exhibits GameStop has deposited its total Bitcoin stack into Coinbase Prime, a possible signal of promoting.
GameStop Has Transferred 4,710 BTC To Coinbase Prime
In a brand new post on X, on-chain analytics agency CryptoQuant has revealed how GameStop simply moved all its Bitcoin holdings to Coinbase Prime, the institutional prime brokerage wing of cryptocurrency alternate Coinbase. GameStop is an American videogame retailer that’s thought-about the biggest chain of its sort on the earth. In latest years, the corporate has seen a decline as bodily gaming shops have more and more misplaced relevance within the digital period.
In 2025, the struggling retailer diversified by adopting a Bitcoin treasury reserve, following within the footsteps of different companies like Strategy. As the chart beneath, shared by CryptoQuant, exhibits, the corporate purchased 4,710 BTC between May 14th and twenty third. These purchases concerned a mean shopping for value of $107,900 per token, costing GameStop a complete of $504 million.
It’s additionally seen within the graph that the corporate has cleared out all of its wallets just lately, with its whole holdings dropping to zero. GameStop has made these strikes because the asset has gone by way of a bearish flip since October.
As this different chart showcases, the agency’s reserve was buying and selling a notable quantity beneath its funding worth earlier than the outflows occurred.
According to CryptoQuant, the switch of GameStop’s holdings to Coinbase Prime might be an indication that the retailer is getting ready to promote, a transfer that will lock in losses of round $76 million at present costs.
The potential sale of GameStop’s Bitcoin reserve has come alongside a major variety of retailer closures. According to a blog that compiles knowledge utilizing the retailer’s on-line retailer locator, 470 shops have to date both been confirmed to be closing or closed this January.
Back in 2021, GameStop was the spotlight of a “meme inventory” frenzy, through which its share value noticed a 1,500% spike alongside a brief squeeze over the course of two weeks.
Later in that 12 months, the corporate determined to take a raffle on a non-fungible token (NFT) market, trying to experience the NFT craze of the interval. Its platform hit the market in 2022, but it surely wasn’t lengthy earlier than GameStop began winding it down, and finally shuttered its doorways in early 2024.
If the most recent Bitcoin transactions signify gross sales, then it will imply that GameStop’s BTC treasury initiative has met an identical finish as its NFT enterprise.
BTC Price
Bitcoin has returned to the $89,100 mark following this week’s pullback.