Retail firm GameStop could have given up on its ambitions as a Bitcoin treasury firm, lower than a yr after it first acquired BTC for its steadiness sheet. This follows the switch of all its BTC holdings, suggesting a possible sell-off by the corporate.
GameStop Transfers All Bitcoin Holdings To Coinbase
In an X post, the on-chain analytics platform CryptoQuant revealed that the corporate’s on-chain wallets lately moved all their Bitcoin holdings to Coinbase Prime, doubtless to offload the cash. Notably, Arkham analyst Emmett Gallic had earlier this week flagged a switch of two,396 BTC to Coinbase, which he mentioned was from an deal with belonging to GameStop.
The 2,396 BTC accounted for half of the corporate’s Bitcoin holdings. However, now, it has transferred the remaining holdings to the top crypto exchange. This transfer comes simply lower than a yr after the gaming retailer first added BTC to its steadiness sheet, having earlier revealed plans to elevate up to $1.3 billion to purchase the flagship crypto.
GameStop acquired 4,710 BTC for $504 million at a mean value of $107,900 between May 14 and 23. As such, a possible sale on the present BTC value would consequence in the corporate realizing a lack of virtually $76 million.
It is price noting that the corporate’s Bitcoin holdings have been price round $593 million when BTC rallied to a brand new all-time excessive (ATH) of $126,000 final October. CoinGape had even reported that GameStop’s revenue acquired a lift thanks to its Bitcoin stash. Meanwhile, it ranked twenty second amongst Bitcoin treasury corporations, slightly below Trump-backed American Bitcoin and Anthony Pompliano’s ProCap.
Crypto Pundit Accuses Retailer Of Only Acquiring BTC Based On Hype
Crypto pundit Jacob King has accused GameStop of buying Bitcoin solely to capitalize on hype. He remarked that the corporate’s CEO, Ryan Cohen, believed the transfer would enhance the corporate’s inventory value. “But after lackluster results, he’s quietly jumping ship,” King mentioned.
The GME inventory has considerably dropped because the firm introduced its Bitcoin acquisition in May 2025, dropping from a excessive of $35. The inventory notably fell as a lot as 10% on May 28, the day it acquired 4,710 BTC.
Meanwhile, the GameStop inventory is flat in premarket buying and selling amid reviews that the corporate is probably going offloading its cash. TradingView information exhibits that the inventory is buying and selling at round $23, down lower than 1% from yesterday’s shut above $23. The inventory is up over 14% year-to-date (YTD). CoinGape reported yesterday that GME inventory jumped as a lot as 6% after Cohen revealed he had purchased 1 million shares, price over $22 million.
