GameStop, the video game retailer, has moved its entire corporate Bitcoin treasury to the institutional trading platform Coinbase Prime, signaling a potential large-scale sale at a significant loss. On-chain data reveals the company transferred 4,710 BTC, worth approximately $429 million at current prices, to the exchange. This represents 100% of the Bitcoin holdings GameStop acquired between May 14 and 23, 2025.
The company invested roughly $504 million in its Bitcoin treasury at an average purchase price of $107,900 per BTC. With Bitcoin currently trading around $90,000, the unrealized loss on the holdings stands at approximately $76 million. Blockchain sleuth Sani first flagged a transfer of 100 BTC (~$9.5M) on January 17, followed by the movement of the remaining 2,396 BTC on January 20, via the Mempool on-chain data platform.
While the transfer to an exchange custody service like Coinbase Prime is a strong indicator of an impending sale, the company has not made an official announcement. Analysts note such moves could also relate to routine treasury management, such as posting collateral or preparing for BTC-linked financial strategies. However, selling at current prices would lock in substantial losses for the company, which reported its BTC holdings were worth $519.4 million at the end of Q3 2025.
Concurrently, GameStop is undergoing a significant physical retail downsizing, with plans to close over 470 stores across the United States in fiscal year 2025. States facing the most closures include New York (30), Florida (25), and Ohio (20). This corporate restructuring is separate from the cryptocurrency strategy but paints a picture of a company streamlining operations.
In a contrasting development for the company's equity, GameStop (GME) shares rallied approximately 6% following news that CEO Ryan Cohen purchased one million shares between January 20 and 21, increasing his stake to 9.3%. Director Alain Attal also participated in share buybacks, boosting investor confidence in the stock market despite the potential multi-million dollar loss on the Bitcoin side of the business.
