Finance Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail GameStop's $420 million bitcoin move sparks Finance Share Share this article Copy linkX (Twitter)LinkedInFacebookEmail GameStop's $420 million bitcoin move sparks

GameStop's $420 million bitcoin move sparks speculation of selling

6 min read
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail

GameStop's $420 million bitcoin move sparks speculation of selling

While blockchain data confirms the movement to Coinbase Prime, the transfer could also mean internal asset management or custody.

By Krisztian Sandor|Edited by Aoyon Ashraf
Jan 24, 2026, 3:47 p.m.
Make us preferred on Google
Gamestop store sign (Will Buckner/CC BY 2.0, modified by CoinDesk)

What to know:

  • GameStop transferred its entire bitcoin holdings — about 4,710 BTC worth roughly $420 million — to Coinbase Prime this week, analytics firm CryptoQuant noted.
  • The move has fueled speculation that GameStop might be preparing to exit its bitcoin position, which would likely lock in an estimated loss of around $84 million at current prices.
  • While large transfers to Coinbase Prime often signal intent to sell, the platform also provides institutional custody services, and GameStop has not yet commented on the transaction or its intentions.

Crypto watchers are speculating that video game retailer GameStop (GME) might be the latest firm to abandon its bitcoin BTC$89,129.30 treasury after moving all its coins to Coinbase this week.

Blockchain analytics firm CryptoQuant spotted on Friday that a wallet labeled GameStop had transferred all its stash – some 4,710 BTC, worth about $420 million at current prices – to Coinbase Prime, the U.S.-based crypto exchange's institutional arm. Blockchain data by Arkham Intelligence confirms the transfers.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
GameStop bitcoin holdings (Arkham Intelligence)

GameStop announced the bitcoin purchase in May. While the company did not disclose how much it spent on the stash, CryptoQuant estimated it invested roughly $504 million at an average price of $107,900 per coin. If sold today at roughly $89,000 BTC price, the company would likely take a loss of around $84 million.

Is GameStop selling?

The maneuver has sparked speculation in crypto circles that GameStop may be exiting its bitcoin position. Especially so that it happened at a time when digital asset treasury firms are under increasing pressure as crypto markets tumbled over the past months, leaving them sitting on steep unrealized losses on their holdings. Some of them, like Ethereum-focused ETHZilla (ETHZ), already sold a significant chunk of their ether stash to trim their debt load.

While moving funds to Coinbase Prime, a platform catering to institutional clients, often signals an intent to sell, not all large transfers necessarily imply an imminent liquidation.

Coinbase Prime also offers custodial services for institutions through its regulated trust company, which could, in theory, mean internal transfers and wallet management.

GameStop has not commented on the transfer yet.

GameStopBitcoin NewsCoinbase PrimeCryptoQuant

More For You

KuCoin Hits Record Market Share as 2025 Volumes Outpace Crypto Market

KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.

What to know:

  • KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
  • This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
  • Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
  • Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
  • Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
View Full Report

More For You

One of the oldest NFT trading platform which facilitated over $300 million in sales at its peak shuts down

The platform, Nifty Gateway, which once facilitated over $300 million in sales, had shifted its focus to building onchain creative projects in 2024, but will now close.

What to know:

  • Nifty Gateway, an NFT platform, will shut down on February 23, 2026, and has entered withdrawal-only mode, allowing users one month to move their NFTs and funds.
  • The platform, which once facilitated over $300 million in sales, had shifted its focus to building onchain creative projects in 2024, but will now close.
  • The shutdown will allow parent company Gemini to focus on building a "one-stop super app" and will continue to support NFTs through its Gemini Wallet.
Read full story
Latest Crypto News

Here's what bitcoin bulls are saying as price remains stuck during global rally

One of the oldest NFT trading platform which facilitated over $300 million in sales at its peak shuts down

Days of our market structure bills: State of Crypto

Here is why investors are snubbing Michael Saylor’s 10% dividend offer in Europe

R3 bets on Solana to bring institutional yield onchain

Top Stories

Ethereum Foundation makes post quantum security a top priority as new team forms

Senate Agriculture's crypto market structure draft peppered with Democrat pitches

Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus

Binance plans to bring back tokenized stock trading after 2021 retreat

FBI arrests ex-Olympian drug 'kingpin' who allegedly used crypto to move proceeds

Kevin O'Leary says power is now more valuable than bitcoin

Latest Crypto News

Here's what bitcoin bulls are saying as price remains stuck during global rally

One of the oldest NFT trading platform which facilitated over $300 million in sales at its peak shuts down

Days of our market structure bills: State of Crypto

Here is why investors are snubbing Michael Saylor’s 10% dividend offer in Europe

R3 bets on Solana to bring institutional yield onchain

Top Stories

Ethereum Foundation makes post quantum security a top priority as new team forms

Senate Agriculture's crypto market structure draft peppered with Democrat pitches

Bitcoin’s weakness versus gold and equities puts quantum computing fears back in focus

Binance plans to bring back tokenized stock trading after 2021 retreat

FBI arrests ex-Olympian drug 'kingpin' who allegedly used crypto to move proceeds

Kevin O'Leary says power is now more valuable than bitcoin

Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

SHIB Price Prediction: Mixed Signals Point to $0.0000085 Target by February End

SHIB Price Prediction: Mixed Signals Point to $0.0000085 Target by February End

Technical analysis reveals SHIB trading near oversold levels with RSI at 35.06. Despite bearish MACD momentum, support levels suggest potential recovery toward $
Share
BlockChain News2026/02/04 16:04
Fed rate decision September 2025

Fed rate decision September 2025

The post Fed rate decision September 2025 appeared on BitcoinEthereumNews.com. WASHINGTON – The Federal Reserve on Wednesday approved a widely anticipated rate cut and signaled that two more are on the way before the end of the year as concerns intensified over the U.S. labor market. In an 11-to-1 vote signaling less dissent than Wall Street had anticipated, the Federal Open Market Committee lowered its benchmark overnight lending rate by a quarter percentage point. The decision puts the overnight funds rate in a range between 4.00%-4.25%. Newly-installed Governor Stephen Miran was the only policymaker voting against the quarter-point move, instead advocating for a half-point cut. Governors Michelle Bowman and Christopher Waller, looked at for possible additional dissents, both voted for the 25-basis point reduction. All were appointed by President Donald Trump, who has badgered the Fed all summer to cut not merely in its traditional quarter-point moves but to lower the fed funds rate quickly and aggressively. In the post-meeting statement, the committee again characterized economic activity as having “moderated” but added language saying that “job gains have slowed” and noted that inflation “has moved up and remains somewhat elevated.” Lower job growth and higher inflation are in conflict with the Fed’s twin goals of stable prices and full employment.  “Uncertainty about the economic outlook remains elevated” the Fed statement said. “The Committee is attentive to the risks to both sides of its dual mandate and judges that downside risks to employment have risen.” Markets showed mixed reaction to the developments, with the Dow Jones Industrial Average up more than 300 points but the S&P 500 and Nasdaq Composite posting losses. Treasury yields were modestly lower. At his post-meeting news conference, Fed Chair Jerome Powell echoed the concerns about the labor market. “The marked slowing in both the supply of and demand for workers is unusual in this less dynamic…
Share
BitcoinEthereumNews2025/09/18 02:44
SUI Price Prediction: Oversold Conditions Target $1.50-$1.85 Recovery by March 2026

SUI Price Prediction: Oversold Conditions Target $1.50-$1.85 Recovery by March 2026

Sui (SUI) trades at $1.13 with RSI at 28.11 indicating oversold conditions. Technical analysis suggests potential bounce toward $1.50-$1.85 targets as momentum
Share
BlockChain News2026/02/04 15:51