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.
GameStop accumulated 4,710 Bitcoin across several investments in May at an average purchasing price of $107,900.
GameStop launched a Bitcoin treasury after its CEO, Ryan Cohen, met with Strategy chair Michael Saylor last February to discuss how such strategies could be best implemented.
GameStop hasn’t publicly addressed speculation that it has sold, or intends to sell, its Bitcoin.
Cointelegraph reached out to GameStop for comment, but didn’t receive an immediate response.
It comes as a Wednesday filing revealed GameStop CEO Ryan Cohen bought another 500,000 GME shares worth over $10 million, contributing to the retailer’s share price rising over 3% on Thursday.
Establishing Bitcoin treasuries became a popular institutional trend in 2024 and 2025, though many saw their shares tumble in the back half of 2025 as the sustainability of such strategies was called into question.
More than 190 publicly traded companies hold Bitcoin on their balance sheets, while many others have also launched Ether (ETH), Solana (SOL), and other altcoin treasuries over the last 12 months.
Crypto treasuries remain included in MSCI market indexes
Corporate crypto treasuries, particularly Strategy, scored a major win earlier this month when Morgan Stanley Capital International decided not to exclude digital asset treasury companies from its market index, for now.
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MSCI said it needed more time to distinguish between investment companies and other companies that hold digital assets as part of their core operations.
Exclusion from MSCI indexes could have seen Strategy and other DATs lose billions of dollars in passive capital inflow.
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