GameStop-Linked Wallet Transfers 2,396 BTC to Coinbase Amid $70M Loss

2026-01-21 01:32

A wallet address suspected to be linked to GameStop has transferred 2,396 BTC to a Coinbase Prime hot wallet, according to on-chain data. This transaction, which occurred 16 hours ago, represents about 50% of the wallet's total Bitcoin holdings. GameStop initially acquired 4,710 BTC in May 2025 through Coinbase Prime, investing approximately $500 million at an average price between $106,000 and $109,000 per Bitcoin. The current unrealized loss on this investment is estimated at $70 million.

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