NEW YORK, Jan 27, 2026, 05:38 EST
- On-chain trackers spotted a transfer of GameStop’s entire bitcoin stash — roughly 4,710 BTC — moving to Coinbase Prime.
- The move reignited speculation that the meme-stock retailer might be preparing to sell, even though large transfers can simply be custody changes.
- Bitcoin last traded near $87,800, significantly lower than the price GameStop paid when it entered the market in 2025.
GameStop has transferred its full bitcoin (BTC) stash—around 4,710 BTC, valued near $420 million—to Coinbase Prime, on-chain data shows. This move has sparked talk that the videogame retailer might be prepping to sell. 1
Timing is crucial here. Traders often see large deposits to exchange-linked platforms as a signal that liquidation might be coming, particularly during price dips. For firms holding bitcoin as a treasury asset, selling can quickly turn unrealized losses into actual ones, shifting the narrative in a flash.
GameStop faces trickier optics. The stock remains linked to retail-driven momentum, and its bitcoin stake fits into a wider trend of public firms flaunting crypto holdings as a balance-sheet move rather than a mere side bet.
CryptoQuant labeled the Coinbase Prime transfer as “likely to sell” and estimated GameStop’s average buy-in at about $107,900 per bitcoin, suggesting they’d take a hit if selling around current prices. GameStop hasn’t offered any official comment on the move. 2
GameStop shares climbed roughly 4.4% to $24.01 in early U.S. trading Tuesday. Bitcoin held steady near $87,779. Meanwhile, Coinbase shares slipped about 1.6%.
Moving assets to Coinbase Prime doesn’t automatically mean they’ve been sold. Coinbase describes Prime as a platform designed for institutions to trade and hold assets “at scale.” It can also serve purely as a custody solution — a point to keep in mind since coins can shift around without instantly reaching the market. 3
In May 2025, GameStop revealed it had purchased 4,710 bitcoin valued at roughly $513 million, though it didn’t specify when the transactions took place. The move followed the bitcoin-centric approach first used by Strategy, the largest corporate holder, Reuters reported. 4
Back in 2025, when GameStop announced its bitcoin strategy, Wedbush analyst Michael Pachter noted the company “clearly understands its shareholder base,” suggesting investors were eager for crypto exposure. But Capital.com’s Daniela Hathorn cautioned that linking to digital currency might spike volatility in the stock. 5
The big question now: what comes next after the transfer. On-chain data tracks movement, but it can’t reveal if GameStop actually sold, hedged, or just shifted its coin holdings. And corporate disclosures? They rarely show up right away.
If GameStop pulls back, the immediate effect on bitcoin supply might be limited. The real concern is the message it sends: another well-known corporate holder retreating could cast fresh doubts on the resilience of the crypto-treasury trend once prices dip.
