GameStop moves entire Bitcoin stash, signaling potential sale: CryptoQuant
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A full sale at current prices would imply about a $76 million loss on GameStop’s Bitcoin bet, having purchased its 4,710 Bitcoin at an average purchasing price of $107,900.
GameStop has transferred its entire Bitcoin holdings to Coinbase’s institutional trading platform, sparking speculation that the video game retailer may be reconsidering its Bitcoin treasury strategy.
“GameStop throws in the towel?” blockchain intelligence platform CryptoQuant asked in a post to X on Friday after noticing that GameStop moved its entire 4,710 Bitcoin (BTC) stash worth more than $422 million to Coinbase Prime.
CryptoQuant said the transfer was “likely to sell” the holdings, noting that a sale with Bitcoin at $90,800 would mean GameStop realizing around $76 million in losses from its Bitcoin bet.
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