CryptoQuant Flags Possible BTC Sale By GameStop

GameStop moved all its treasury in bitcoin, that is 4,710 BTC valued at over 422 million dollars, to Coinbase Prime. This massive transfer, spotted by CryptoQuant, could signal an imminent sale. For a company that became a symbol of finance for individuals since the Reddit saga, this strategic shift is surprising. Indeed, GameStop had until now displayed a firm position on bitcoin, inherited from its dealings with Michael Saylor. Should this be seen as a discreet disavowal of the crypto bet?

A discreet exit for a wavering strategy

GameStop transferred all its treasury in bitcoin, that is 4,710 BTC, valued at over 422 million dollars, to Coinbase Prime, the institutional platform of the exchange, while the company’s stock had dropped because of the fall of the crypto queen.

The information was revealed by CryptoQuant, which spotted this on-chain movement and immediately raised the possibility of an imminent sale. The analytics company posted a message on X stating : “Is GameStop throwing in the towel ?”, specifying that the operation was “probably intended for sale”.

The following data provide an accurate picture of this maneuver :

• The transferred amount : 4,710 BTC sent in a single operation to Coinbase Prime ;
• The estimated value : over 422 million dollars at the time of transfer ;
• The average purchase price : 107,900 dollars per BTC, acquired in May 2025 ;
• The price at the time of transfer : around 90,800 dollars per BTC ;
• The potential loss : around 76 million dollars if all is sold at this price.

GameStop’s entry into the bitcoin world was initiated after a meeting between Ryan Cohen and Michael Saylor. The decision to build a Bitcoin treasury was then part of an institutional dynamic observed in 2024-2025. This transfer, which has not yet been officially commented on, could mark a major strategic turning point.

Stock buybacks : strategic caution or assumed disengagement?

This massive transfer to Coinbase comes just days after Ryan Cohen bought back 500,000 GME shares, for an amount exceeding 10 million dollars, according to a regulatory filing published Wednesday.

This operation immediately had a positive effect on GameStop’s stock price, which rose more than 3% the following Thursday. This CEO’s renewed confidence in the company’s shares could be interpreted as a will to refocus financial resources on the core business, to the detriment of crypto exposure.

In a context where many listed companies that adopted crypto strategies in 2024 and 2025 now see their stock performances degrade, GameStop’s choice could fit into a general trend of partial disengagement of treasuries from digital assets. Thus, more than 190 listed companies still hold bitcoin in their balance sheets, but this strategy has lost its appeal as the market stabilizes and profitability is questioned.

GameStop’s silence fuels speculation about a possible bitcoin disengagement. This massive transfer occurs while the bitcoin price remains volatile, increasing uncertainties. In a context of strategic repositioning for many companies, GameStop’s next moves will be closely watched by the crypto market.