Bitcoin movement of GameStop on Coinbase Prime sparks speculation about a change in strategy

On Friday, the retail video game retailer GameStop executed a move that immediately ignited speculation within the crypto community: the company transferred all of its Bitcoin holdings to the institutional platform Coinbase Prime. This move, as noted by analysts at the blockchain research firm CryptoQuant, often precedes large sales or restructuring of assets. The market has begun to speculate actively: is GameStop preparing to divest its cryptocurrency assets?

Four thousand bitcoins in search of a new storage: what’s behind this move

GameStop transferred a substantial amount — 4,710 bitcoins worth over $420 million. According to CryptoQuant, such transfers are usually a sign of preparing to liquidate a position or reorganize storage systems. The company’s experts openly questioned in a post on social network X: “Is GameStop surrendering its positions?” — emphasizing that such operations are rarely carried out without a specific purpose.

Speculations about the company’s intentions are heating up amid the volatility that has characterized the digital asset market in recent months. If GameStop decides to sell its bitcoins at the current market level of around $90,800 per coin, the company would face a rather painful scenario.

Potential losses: analyzing GameStop’s BTC position

Calculations show a bleak picture. Considering that the company bought bitcoins in May at an average price of approximately $107,900 per unit (total investments exceeding $500 million), any sale at current prices would result in a loss of about $76 million. This is a significant amount, vividly demonstrating how market fluctuations impact the actual financial results of companies that have chosen to use cryptocurrency as a reserve asset.

At the time of publication, GameStop neither confirmed nor denied the speculation about a planned sale. Cointelegraph attempted to contact the company for an official comment, but received no response.

Mysterious signal: CEO increases shares, company may be reducing crypto

The situation becomes even more confusing due to parallel developments on the corporate governance front. This week, regulatory documents revealed that CEO Ryan Cohen personally acquired an additional 500,000 GameStop shares worth over $10 million. Following this disclosure, the company’s shares rose by more than 3%.

This contradictory pair of actions — increasing the CEO’s equity stake while potentially reducing crypto exposure — has added fuel to the fire of speculation. Investors and analysts began to speculate that the company is reconsidering its approach to digital assets. Perhaps the CEO sees greater value in developing the core business rather than holding volatile crypto positions?

Wave of corporate crypto treasuries: trend or necessity?

The treasury strategy based on accumulating bitcoins was launched by GameStop in early 2025 after Ryan Cohen’s meeting with Strategy chairman (formerly MicroStrategy) Michael Saylor. The discussion involved modeling the structure of corporate bitcoin holdings as an alternative reserve asset class.

The move quickly gained popularity. Throughout 2024 and early 2025, many companies rushed into the “bitcoin race,” seeing it as a promising way to hedge against inflation and diversify assets. Today, more than 190 public companies hold bitcoins in their treasuries. Some have even expanded their portfolios to include Ethereum, Solana, and other digital assets.

However, enthusiasm began to cool when, at the end of 2025, the market showed its volatile nature. Prices, which had risen to record levels, started to fall, testing the patience of corporate investors. GameStop was not the only company contemplating the advisability of such a strategy amid market turbulence.

Speculations about the future: what the GameStop situation teaches the sector

Notably, corporate crypto holders recently received unexpected support from an influential side. The index provider MSCI decided not to exclude companies holding cryptocurrencies from its main market indices. The rationale was logical: additional analysis is needed to distinguish between treasury strategies and full-fledged investment firms. Such exclusion could pose a risk of multi-billion dollar outflows from passive funds, especially for large holders like Strategy.

However, the situation with GameStop has once again raised old questions about the viability of corporate crypto treasuries. Are ordinary companies engaged in traditional business capable of withstanding the volatility of digital assets? Or does the crypto treasury strategy remain the domain of companies specializing exclusively in blockchain technologies?

The movement of GameStop’s assets from cold storage to a trading platform may be the first signal that the wave of experimental corporate crypto strategies is beginning to crack. Speculations will continue to grow until the company dispels the uncertainty with an official statement. Until then, the market will closely monitor every move of GameStop’s bitcoins, turning the financial decisions of one retail company into a barometer of the health of the entire sector of corporate digital treasuries.