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The Coinbase Prime deposit has fueled speculation about potential selling pressure, although no one from the video game retailer has commented publicly on the reason for the transfer.
GameStop Possibly Readies $422 Million Bitcoin Sale
“GameStop throws in the towel?” CryptoQuant asked in a Jan. 23 post on X after observing that GameStop’s on-chain wallets had moved all Bitcoin (BTC) holdings to Coinbase Prime.
GameStop purchased $512 million in Bitcoin in May 2025 using proceeds from a $1.3 billion debt offering announced in March, making it one of many publicly listed U.S. companies adopting digital asset treasuries.
The Grapevine, Texas-based company hasn’t added to or sold any of its BTC since the initial buy, opting to sit tight through market swings. CryptoQuant noted that the Friday transaction was GameStop likely preparing to sell the holdings, noting that a sale at around $90,800 would result in GameStop suffering around $76 million in losses from its Bitcoin gamble.
 
Bitcoin is up modestly on the day, gaining a paltry 0.8% to $89,515 — about 29% off its October 2025 all-time high of $126,080, according to crypto data provider CoinGecko.
Bitcoin Treasury Flop?
The Bitcoin treasury model was pioneered by Michael Saylor’s Strategy (formerly known as MicroStrategy), now the world’s largest publicly traded corporate holder with 709,715 BTC at the time of writing.
Notably, GameStop shares slid by more than 10% the day after the company announced the BTC treasury pivot last year, as investors expressed concerns about the digital asset strategy.
In July, the company’s CEO, Ryan Cohen, touted crypto and BTC as hedges against inflation and teased plans to accept crypto as payment at its stores.
“The ability to actually use crypto within transactions is something that is an opportunity, and it’s something that we’re looking at,” Cohen opined at the time.
He added that his firm is trying to reduce reliance on physical hardware and game sales, owing to increasing costs and focus on collectibles like trading cards.
However, no formal announcement has been made yet.