GameStop Bitcoin treasury exit speculation after transferring 4,710 BTC to Coinbase Prime frames a recent corporate crypto move in which GameStop sent its entire Bitcoin holding, 4,710 BTC, to Coinbase Prime in a single transfer worth roughly $420 million. CryptoQuant flagged the transaction after identifying a wallet labeled as GameStop that sent all 4,710 BTC to Coinbase Prime. The transfer’s scale and destination have been reported as central facts in coverage of the move.
The transfer has prompted scrutiny of corporate treasury implications because the BTC had been acquired between May 14–23, 2025 at an average price of $107,900 per coin, representing an initial investment of about $504 million. If liquidated near recent market prices, the sale could realize a loss of about $75 million to $85 million. CEO Ryan Cohen met with Strategy chairman Michael Saylor in February to discuss corporate crypto treasury models, and some firms with crypto treasury strategies have trimmed holdings amid paper losses as crypto prices fell; ETHZilla disclosed selling part of its Ether reserves to reduce debt.
GameStop transferred its entire Bitcoin holding, 4,710 BTC, to Coinbase Prime in a single on-chain transaction. CryptoQuant flagged the movement after identifying a wallet labeled as GameStop that sent all 4,710 BTC to Coinbase Prime. At prevailing market prices, the transferred BTC was worth roughly $420 million, reflecting the valuation reported at the time of the move.
GameStop acquired the 4,710 BTC between May 14 and May 23, 2025, buying at an average price of $107,900 per coin and investing about $504 million in total. Compared with the valuation at the time of the transfer, that acquisition cost implies a potential realized loss of about $75 million to $85 million if the coins were liquidated near recent market prices.
The transaction moved the company’s full Bitcoin position into custody at Coinbase Prime, and a related regulatory filing noted that CEO Ryan Cohen purchased an additional 500,000 GameStop shares worth more than $10 million.
GameStop’s decision to transfer its entire Bitcoin holding of 4,710 BTC to Coinbase Prime has important financial implications linked to potential market losses. At the time of the transfer, the Bitcoin was valued at approximately $420 million. This valuation is significantly lower than the company’s initial investment, which occurred between May 14 and May 23, 2025, when the average purchase price was $107,900 per Bitcoin, totaling about $504 million.
If GameStop decides to liquidate its Bitcoin holdings near the current market prices, the company is likely to realize a financial loss. The estimated range of this potential loss is approximately $75 million to $85 million. This calculation arises from the difference between the initial purchase cost and the current valuation at the time of the transfer. This scenario is an example of the financial risks companies face when managing cryptocurrency within corporate treasuries, especially amid volatile market conditions.
CEO Ryan Cohen met with Strategy chairman Michael Saylor in February to discuss corporate crypto treasury models. A regulatory filing indicated Cohen purchased an additional 500,000 GameStop shares worth more than $10 million, an action that helped push GME shares up over 3%. These items are reported alongside coverage of GameStop’s Bitcoin transfer and are presented as part of the company’s corporate and investor activity related to its treasury strategy. No further details about the meeting’s content or the precise timing of the share purchases beyond the filing are provided in the available material.
CryptoQuant flagged a wallet labeled as GameStop that sent the company’s entire Bitcoin holding—4,710 BTC—to Coinbase Prime. The transferred BTC was valued at roughly $420 million at the time of the move. CryptoQuant used quoted phrases in its reporting, including “GameStop throws in the towel?” and “likely to sell.” These quoted phrases are associated with exit speculation and sell signals identified by CryptoQuant in coverage of the transfer.
Some firms with crypto treasury strategies are trimming holdings due to paper losses as crypto prices fell. These reported adjustments involve reducing cryptocurrency positions held as part of corporate treasury strategies. Coverage of these moves has cited them as examples of companies altering treasury allocations in response to declining crypto values. Reports presenting these adjustments have included specific company examples and regulatory disclosures.
ETHZilla disclosed selling part of its Ether reserves to reduce debt. The disclosure specified that ETHZilla sold a portion of its Ether holdings and identified debt reduction as the purpose of the sale. This disclosure was reported alongside other instances of firms trimming crypto treasury holdings. The disclosure appears in reporting about corporate treasury changes amid lower crypto prices.
GameStop transferred its entire Bitcoin holding of 4,710 BTC to Coinbase Prime in a single on-chain movement, with the transferred BTC valued at roughly $420 million at the time of the transfer. CryptoQuant flagged a wallet labeled as GameStop that sent all 4,710 BTC to Coinbase Prime. GameStop acquired the 4,710 BTC between May 14 and May 23, 2025 at an average price of $107,900 per coin, representing an initial investment of about $504 million. Compared with the valuation at the time of the transfer, a liquidation near recent market prices could realize an estimated loss in the range of about $75 million to $85 million.
CEO Ryan Cohen met with Strategy chairman Michael Saylor in February to discuss corporate crypto treasury models. A regulatory filing indicated Cohen purchased an additional 500,000 GameStop shares worth more than $10 million, an action that helped push GME shares up over 3%. Reports note that some firms with crypto treasury strategies are trimming holdings because of paper losses as crypto prices fell. ETHZilla disclosed selling part of its Ether reserves to reduce debt.
