GameStop has emptied its corporate Bitcoin (BTC) treasury, transferring 4,710 BTC to Coinbase Prime as the asset price continues to stagnate.
The total transfer, valued at approximately $421.5 million, was detected by on-chain analysts, leaving the company’s known public wallets with a zero balance.
The move follows a series of smaller deposits earlier in the week and has intensified speculation regarding a potential liquidation.
While GameStop has not officially confirmed a sale, the use of Coinbase Prime typically facilitates large-scale institutional trades or custody shifts.
Buying the Top
GameStop built its position in late May 2025, following a highly publicized meeting between CEO Ryan Cohen and MicroStrategy Chairman Michael Saylor.
SEC filings show the retailer invested roughly $504.4 million at an average entry price of $107,900 per Bitcoin.
At current market rates near $89,400, the company faces an unrealized loss exceeding $80 million. The decision to move the entire balance at once suggests a pivot in treasury strategy after months of negative price action.
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Market and ETF Impact
The transfer coincided with a broader cooling of institutional sentiment across the digital asset sector.
U.S. spot Bitcoin ETFs recorded their [fifth consecutive day of net outflows](Institutional Capital Rotates To Altcoin ETFs As Bitcoin Outflows Hit $104 Million), with BlackRock’s IBIT shedding $101.6 million on the same day as the GameStop move.
Market analysts argue that a 4,710 BTC sale is insufficient to cause a systemic crash, representing only a fraction of daily global volume.
However, the perceived capitulation of a top-25 corporate holder may weigh on the "corporate treasury" narrative that drove prices higher in early 2025.
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