Key Highlights
- GameStop transferred its full Bitcoin holdings to Coinbase Prime, a move often linked to selling.
- The company bought 4,710 BTC in May 2025 at an average price near $108,000.
- At current prices, a full exit would imply roughly $76 million in unrealized losses.
Video game retailer GameStop Corp. (NYSE: GME) appears to be unwinding its Bitcoin bet after on-chain data showed the company moving all of its BTC holdings to Coinbase Prime this week. The custody platform is typically used ahead of large sales, according to CryptoQuant.
The transfer comes as risk aversion spreads across crypto and equities, prompting speculation that the video game retailer may be exiting its short-lived Bitcoin treasury bet.
CryptoQuant data shows GameStop bought 4,710 BTC over nine days in May 2025, paying about $504 million at an average of $107,900 per coin. With Bitcoin now hovering near $91,000, selling at current prices would mean crystallizing roughly $76 million in losses.
From bold treasury move to quiet unwind
GameStop’s move into Bitcoin came during a sharp pivot in early 2025. In March, the board approved adding BTC to the company’s balance sheet, mirroring a move adopted by several crypto-leaning corporates following MicroStrategy’s lead.
To fund the purchase, GameStop expanded a private convertible note sale to $2.25 billion. Management pitched the Bitcoin purchase as a strategic treasury position, not a quick trade tied to price swings.
Moving the coins to Coinbase Prime doesn’t automatically mean a sale is underway. But in practice, large firms usually don’t shift holdings to prime brokerage accounts unless they’re preparing to rebalance, hedge, or unwind part of the position.
Timing collides with a macro shock
The potential exit comes during one of the sharpest global risk-off moves of the year. Bitcoin has fallen below key technical levels, while equities have been hit by a broad sell-off tied to geopolitical tension, rising bond yields in Japan, and renewed trade friction between the U.S. and Europe.
GameStop’s own stock has not been immune. Shares of GME were trading near $22.80, giving the company a market capitalization of roughly $10.2 billion, down sharply from earlier highs.
For a company already dealing with weakening retail sales and jumpy investors, sticking with a high-beta asset like Bitcoin during a macro sell-off may have stopped making sense pretty fast.
GameStop’s situation underscores a widening split in how companies approach Bitcoin. Firms that truly commit tend to lean in during downturns, while others react quickly to volatility and the pressure of balance-sheet optics. If GameStop completes a sale, it would mark one of the fastest retreats from a Bitcoin treasury play by a public company, going from heavy buying to a likely exit in less than a year.
Also read: Waltio Files Complaint Over Extortion and Crypto Data Breach
