GameStop has moved its entire Bitcoin holdings to Coinbase Prime, the institutional trading platform owned by the major cryptocurrency exchange. The video game retailer transferred all 4,710 Bitcoin, worth approximately $422 million at current prices, on Friday, according to blockchain intelligence firm CryptoQuant.
The transfer sparked immediate speculation about GameStop’s intentions with its digital asset treasury. CryptoQuant flagged the move as “likely to sell,” noting that a full liquidation at Bitcoin’s current price of around $90,800 would result in significant losses for the retailer.
GameStop accumulated its Bitcoin holdings across multiple purchases in May at an average price of $107,900 per coin. A complete sale at Friday’s prices would represent approximately $76 million in losses on the company’s cryptocurrency investment strategy.
The retailer established its Bitcoin treasury following a strategic meeting between CEO Ryan Cohen and Michael Saylor, the chairman of business intelligence firm Strategy, in February 2025. The initiative was part of a broader corporate trend of companies adding cryptocurrency to their balance sheets.
GameStop has not publicly commented on the transfer or confirmed whether it intends to sell the Bitcoin holdings, but Cointelegraph contacted the company for clarification and did not receive an immediate response at the time of publication.
Corporate cryptocurrency treasuries gained significant momentum in 2024 and 2025, with more than 190 publicly traded companies now holding Bitcoin on their balance sheets. Many companies have also launched treasuries for other digital assets, including Ether, Solana, and various altcoins.
However, the strategy has faced scrutiny in recent months. Some institutional investors questioned the sustainability of corporate crypto holdings as market volatility persisted and valuations fluctuated throughout late 2025.
The news comes days after GameStop CEO Ryan Cohen made another significant investment in his own company, purchasing 500,000 additional GME shares valued at over $10 million. That purchase contributed to GameStop’s stock price rising more than 3% on Thursday, doubling investor confidence in Cohen’s continued commitment to the retailer.
Corporate crypto treasuries received a crucial regulatory boost earlier this month when Morgan Stanley Capital International decided not to exclude digital asset treasury companies from its market indexes. MSCI determined it needed additional time to properly distinguish between investment firms and companies holding digital assets as part of their core business operations.
Exclusion from MSCI indexes could have severely impacted valuations for companies like Strategy and other digital asset treasury holders, potentially resulting in billions of dollars in lost passive capital inflows. The decision to maintain inclusion provides temporary relief for the sector as regulatory frameworks continue evolving.
See also: Bermuda Partners with Coinbase and Circle to Build ‘Fully Onchain’ National Economy
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