GameStop has transferred its entire Bitcoin holdings to Coinbase Prime, sparking speculation of a potential sale as BTC trades below $90,000.
Author: Chirag Sharma
January 24, 2026 GameStop has moved 4,710 BTC to Coinbase Prime, a custody and trading service widely used by institutions executing large-volume transactions. The transfer, first flagged by CryptoQuant, has fueled speculation that the company may be preparing to sell its Bitcoin holdings.At current prices near $89,800, the stash is valued at roughly $422 million. GameStop acquired the Bitcoin in May 2025 at an average price of about $107,900 per BTC, investing over $500 million. At peak prices, the position briefly exceeded $590 million, placing GameStop among the world’s top corporate Bitcoin holders.
High Signal Summary For A Quick Glance
Nathan Jeffay
@NathanOnCrypto
@cryptoquant_com GameStop just executed the ultimate "Retail" trade on a corporate level.
GameStop throws in the towel? Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell. Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M. Now selling for around $90.8K, potentially realising approximately https://t.co/Bp7MwRVQ43
12:19 PM·Jan 23, 2026
Trade&HoDL
@TradingAndy008
@cryptoquant_com Why not sell 4 weeks ago for the tax loss??
GameStop throws in the towel? Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell. Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M. Now selling for around $90.8K, potentially realising approximately https://t.co/Bp7MwRVQ43
12:15 PM·Jan 23, 2026
Unique Human | Changer ($CNG)
@changerofficial
@cryptoquant_com Looks like GameStop might be cutting losses on BTC.
GameStop throws in the towel? Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell. Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M. Now selling for around $90.8K, potentially realising approximately https://t.co/Bp7MwRVQ43
08:04 AM·Jan 23, 2026
GameStop’s Bitcoin experiment began as a statement. In mid-2025, facing persistent inflation and a shifting retail landscape, the company allocated a portion of its sizable cash reserves to Bitcoin, echoing strategies used by firms such as MicroStrategy.
At the time, the move aligned with GameStop’s meme-stock identity and ambitions to modernize its balance sheet. The announcement boosted visibility and briefly energized both equity and crypto communities. But conditions have changed. Bitcoin has retreated sharply from its 2025 highs, while GameStop continues to navigate declining physical game sales and competitive pressure in digital commerce.
The transfer to Coinbase Prime suggests optionality. It could signal preparation for a full or partial sale, or simply a shift to institutional-grade custody. Earlier partial transfers in January hinted at gradual repositioning. Meanwhile, GameStop stock has remained relatively stable, supported in part by Ryan Cohen’s recent share purchases.
Timeline of GameStop’s Bitcoin Events Until Now
GameStop announces Bitcoin as a treasury reserve asset, positioning it as an inflation hedge for its roughly $5B cash reserves.
GameStop acquires 4,710 BTC for approximately $504M at an average price of $107,900, becoming a top 25 global Bitcoin holder.
With Bitcoin trading near $120,000, GameStop’s BTC holdings are valued at roughly $528.6M, while GME stock rallies on crypto-driven optimism.
Coinbase Prime-related transactions inadvertently expose GameStop’s full on-chain Bitcoin balance of 4,710 BTC.
GameStop transfers 100 BTC, worth roughly $9.5M, to Coinbase Prime, sparking early speculation.
An additional 2,296 BTC is transferred to Coinbase Prime, bringing total transferred Bitcoin to nearly 50% of holdings.
GameStop completes the transfer of all 4,710 BTC to Coinbase Prime, intensifying speculation around a potential sale.
Several upcoming milestones could clarify the intent behind the transfer.
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