This month, a significant transition took place as GameStop shifted a substantial portion of its Bitcoin assets to Coinbase Prime, a move noted by blockchain monitoring services.
The corporate wallet linked to GameStop executed a sizeable deposit to Coinbase Prime, a platform renowned for serving institutional clients and large-scale traders.
Industry experts observing these transactions quickly indicated that this maneuver could be a precursor to a potential sale, although no official announcements about selling have emerged.
Strategic Transfer to Coinbase Prime
Recent on-chain data reveals that GameStop has accumulated 4,710 BTC, acquired during the previous year, now fully transitioned to Coinbase Prime.
The company initially purchased these coins in May 2025 at an average cost of approximately $107,900 per BTC, leading to a total investment of around $504 million at that time.
Shifting a corporate treasury from cold storage to a more accessible institutional account typically indicates readiness for some operational activity — be it selling, hedging, or even rebalancing — but does not automatically equate to a sale.
GameStop making moves?
The entire BTC inventory just migrated to Coinbase Prime, possibly in preparation to liquidate.
Between May 14 and 23, 2025, they acquired 4,710 BTC at an average cost of $107.9K, totaling around $504 million.
Currently, prices hover around $90.8K, potentially realizing significant returns… pic.twitter.com/Bp7MwRVQ43
— CryptoQuant.com (@cryptoquant_com) January 23, 2026
Expert Opinions on the Move
Analysts from various sources state that the implications are quite clear: selling now, while Bitcoin remains around the $90,000 mark, would result in a significant financial loss based on the initial purchase price.
Different analytics entities estimate this loss could be around $76 million if the complete set of assets were liquidated at current market prices. Some believe this might be a strategy for tax-loss harvesting or an attempt to reduce high volatility in their asset holdings.
Others argue it represents a sensible recalibration to lessen exposure to the volatile nature of cryptocurrency markets. Defenders of the transaction note that GameStop’s investment in Bitcoin was never fully intended as a retail strategy; rather, it served as part of a diversification experiment.
How Much Has Already Moved
Not all sources coincide regarding the timing and volume of the transfers made day by day. Reports suggest that earlier transfers this month accounted for nearly half of the original holding — roughly 2,396 BTC was moved in several smaller transactions before the large deposit was recognized.
Experts in blockchain tracking analyze these transitions, and such staggered movements may suggest various scenarios: a progressive sale, internal adjustments, or merely transferring through a reliable custodian ahead of executing trades.
Market And Shareholder Reactions
While Bitcoin enthusiasts are vocal about the wallet’s transition, GameStop shares have shown a mixed response, reflecting broader company updates, including recent share purchases made by CEO Ryan Cohen.
Featured image from PeterPhoto, chart from TradingView
