GameStop has executed a complete transfer of its Bitcoin holdings to Coinbase’s institutional trading platform, igniting discussions about a possible revision in its Bitcoin strategy.
CryptoQuant raised the question: “Has GameStop given up?” after observing the transfer of its entire Bitcoin reservoir of 4,710 BTC, valued at over $422 million, to Coinbase Prime. CryptoQuant’s Tweet
The analysis indicated that this transfer might suggest GameStop is planning to liquidate, with the current Bitcoin rate hinting at a potential loss of about $76 million on its investment.
Originally, GameStop acquired its Bitcoin at an average cost of $107,900. CEO Ryan Cohen had previously met with Strategy chair Michael Saylor last February to explore strategies regarding a Bitcoin treasury.
The video game retailer hasn’t publicly responded to the speculation surrounding the potential sale of its Bitcoin assets. Cointelegraph attempted to get a comment from GameStop but did not receive a prompt reply.
In addition, a recent filing revealed that Ryan Cohen purchased another 500,000 GME shares worth over $10 million, contributing to a notable increase of over 3% in the retailer’s share price on Thursday.
Adopting Bitcoin treasuries has become a widespread strategy among institutions in 2024 and 2025, although many have struggled in the latter half of 2025 as questions arose about the sustainability of such approaches.
Currently, more than 190 publicly traded companies possess Bitcoin, and many are also integrating Ether, Solana, and other cryptocurrencies into their financial strategies.
Corporate Crypto Treasuries Maintain Position in MSCI Indexes
Recently, corporate crypto treasuries, particularly those under Strategy, celebrated a significant win when Morgan Stanley Capital International opted not to remove digital asset treasury firms from its market indexes at this time.
Morgan Stanley stated it required further time to differentiate between companies that are investment-oriented and those that hold digital assets as a core part of their operations.
An exclusion from MSCI indexes could have led to significant losses in passive capital inflow for Strategy and similar firms.
