Crypto-watchers speculate that video game retailer GameStop ( GME ) could be the latest company to abandon its bitcoin treasury after moving all of its coins to Coinbase this week.
Blockchain analytics firm CryptoQuant discovered on Friday that a wallet branded GameStop had transferred all of its stashes — about 4,710 BTC, worth about $420 million at current prices — to Coinbase Prime, the US-based crypto exchange’s institutional arm. Blockchain data from Arkham Intelligence confirms the transfers.
GameStop announced the purchase of bitcoin in May. Although the company did not disclose how much it spent on the caches, CryptoQuant estimated that it invested about $504 million at an average price of $107,900 per coin. coin. If sold today at around $89,000 BTC price, the company would likely take a loss of around $84 million.
Is GameStop selling?
The move has fueled speculation in crypto circles that GameStop may exit its bitcoin position. Especially since it happened at a time when digital asset financial firms are under increasing pressure as crypto markets tumbled over the past months, leaving them with large unrealized losses on their holdings. Some of them, like Ethereum-focused ETHZilla (ETHZ), already sold a significant portion of their ether stash to trim their debt burden.
While moving funds to Coinbase Prime, a platform that caters to institutional clients, often signals an intention to sell, not all large transfers necessarily imply imminent liquidation.
Coinbase Prime also offers custody services to institutions through its regulated trust company, which in theory could mean internal transfers and wallet management.
GameStop has yet to comment on the transfer.
