GameStop Moves Bitcoin to Coinbase, Sparking Concerns of Potential Sale

GameStop has moved its entire Bitcoin holdings, totaling 4,710 BTC valued at over $422 million, to Coinbase’s institutional trading platform, sparking speculation that the retailer may be reconsidering its cryptocurrency strategy.

CryptoQuant highlighted that the transfer is “likely to sell,” and with Bitcoin trading near $90,800, such a move could result in roughly $76 million in losses, as GameStop purchased Bitcoin at an average price of $107,900 in May.

The company launched its Bitcoin treasury after CEO Ryan Cohen met with Strategy chair Michael Saylor in February to explore corporate crypto strategies. GameStop has not publicly commented on whether it has sold or plans to sell its holdings.

Corporate Adoption of Bitcoin and Crypto Assets Continues to Rise

The move comes as other corporate developments, including Cohen buying 500,000 GME shares worth over $10 million, which pushed the stock up more than 3%. Establishing Bitcoin treasuries became a notable institutional trend in 2024 and 2025, although many companies saw their shares decline in late 2025, raising questions about the long-term viability of such strategies.

Currently, over 190 publicly traded firms hold Bitcoin, with others holding Ether, Solana, and other altcoins as part of corporate treasuries. Corporate crypto treasuries remain recognized in market indexes. Morgan Stanley Capital International recently decided not to exclude digital asset treasury companies from its MSCI indexes, allowing Strategy and similar firms to retain billions in passive capital inflows.

MSCI noted it needed more time to differentiate between companies primarily invested in digital assets versus those holding crypto as part of broader operations. This decision highlights the ongoing debate over the role of corporate crypto treasuries in traditional finance and institutional investment strategies.