Cryptocurrency watchers speculate that video game retailer GameStop (GME) could be the latest company to abandon its bitcoin. treasury after moving all its coins to Coinbase this week.
Blockchain analytics firm CryptoQuant discovered on Friday that a wallet called GameStop had transferred its entire stash (about 4,710 BTC, worth around $420 million at current prices) to Coinbase Prime, the institutional arm of the US-based crypto exchange. Blockchain data from Arkham Intelligence confirms the transfers.
GameStop announced the purchase of bitcoins in May. While the company did not disclose how much it spent on the stash, CryptoQuant estimated it invested approximately $504 million at an average price of $107,900 per coin. If sold today at a BTC price of approximately $89,000, the company would likely suffer a loss of around $84 million.
Is GameStop selling out?
The move has sparked speculation in crypto circles that GameStop could be exiting its bitcoin position. Especially since it happened at a time when digital asset treasury companies are under increasing pressure as crypto markets have crashed in recent months, leaving them with large unrealized losses on their holdings. Some of them, such as Ethereum-focused ETHZilla (ETHZ), have already sold a significant portion of their ether reserve to reduce their debt load.
While moving funds to Coinbase Prime, a platform that serves institutional clients, often indicates an intention to sell, not all large transfers necessarily imply an imminent liquidation.
Coinbase Prime also offers custody services for institutions through its regulated trust company, which could, in theory, mean internal transfers and portfolio management.
GameStop has not yet commented on the transfer.
