GameStop transfers Bitcoin holdings to Coinbase Prime: Currently, this fuels speculation about a potential sale

Currently, there are rumors circulating that the American video game retailer GameStop may be preparing to liquidate its crypto assets. According to blockchain analytics firm CryptoQuant, the company transferred its entire position of 4,710 bitcoins worth over $420 million to the institutional trading platform Coinbase Prime. This transfer took place earlier this week and has sparked a wave of speculation about the possible reasons for such a move.

Potential Losses from Bitcoin Price Decline

Depending on when and at what price GameStop sells, the company could face significant losses. At current market prices of around $83,940 per coin, the company could realize a loss of over $100 million compared to the initial investment.

These calculations are based on the fact that GameStop accumulated its BTC position in May of last year at an average price of about $107,900 per coin, with total investments exceeding $500 million. CryptoQuant analysts have suggested that the transfer of assets signals a “probable preparation for liquidation,” as such transfers to institutional platforms traditionally precede selling or restructuring of the portfolio.

Ryan Cohen Increases Equity Capital While Reassessing Crypto Exposure

Currently, there is a notable contradiction in the company’s leadership strategy. Earlier this week, Ryan Cohen, CEO of GameStop, filed a regulatory notice to acquire an additional 500,000 shares of the company valued at over $10 million. This move indicates management’s confidence in the company’s core business and caused GME stock to rise by more than 3%.

However, this contrasting move—simultaneously increasing exposure to equity capital while potentially reducing crypto assets—suggests that GameStop may be reconsidering its digital asset strategy. This is especially interesting given that earlier this year, Ryan Cohen met with Michael Saylor, leader of Strategy (formerly MicroStrategy), to discuss optimal approaches to structuring corporate crypto reserves. It now appears that the conclusions from such discussions could differ significantly from their practical implementation.

Corporate Crypto Treasuries Under Market Scrutiny

Currently, over 190 publicly traded companies hold bitcoins on their balance sheets, and others are considering accumulating cryptocurrency assets as part of their reserve strategy. Throughout 2024 and early 2025, this practice has gained popularity as a way to gain exposure to bitcoin’s value without directly purchasing fiat currency.

However, GameStop’s move revives debates about the sustainability of such strategies during prolonged market downturns. Many companies have faced current volatility, with bitcoin prices fluctuating from record highs to significant declines. This has forced investors and analysts to reassess how prepared commercial entities are to withstand long periods of price instability.

Additional complexity has been introduced by recent regulatory signals. MSCI decided not to exclude companies with crypto assets from its main market indices, citing the need for more time to conduct a detailed analysis to distinguish bitcoin treasuries from direct crypto businesses. Exclusion could trigger a mass outflow of billions of dollars from passive funds, especially for large players like Strategy, which actively accumulates bitcoins. Currently, this MSCI decision provides some protection for companies with crypto treasuries, but uncertainty remains.