Staggered on-chain transfers have traders watching closely, as large Bitcoin wallet activity often signals upcoming market action.
GameStop has transferred all of its Bitcoin holdings to Coinbase Prime, prompting questions across crypto markets. On-chain data shows the move covered the company’s entire 4,710 BTC balance. Market watchers are assessing whether the video game retailer plans to sell its Bitcoin holdings at a loss.
Staggered BTC Transfers Put GameStop in Focus
Blockchain intelligence firm CryptoQuant flagged the transfer on Friday, noting that GameStop sent its entire Bitcoin stash. Their on-chain wallets moved more than $422 million to Coinbase’s institutional trading platform.
Moreover, the firm described the move as “likely to sell,” given that such transfers often precede market activity. If sold near $90,800 per coin, the position would result in an estimated $76 million loss.
GameStop throws in the towel?
Their on-chain wallets just moved all BTC holdings to Coinbase Prime, likely to sell.
Between May 14–23, 2025, they bought 4,710 BTC at an avg. price of $107.9K, investing ~$504M.
Now selling for around $90.8K, potentially realising approximately… pic.twitter.com/Bp7MwRVQ43
— CryptoQuant.com (@cryptoquant_com) January 23, 2026
GameStop built its Bitcoin holdings in May through several purchases made between May 14 and May 23. The average acquisition cost was $107,900 per Bitcoin. Current prices remain well below that level, with BTC trading around $89,000 at the time of the transfer.
As such, any sale near present prices would lock in sizable losses.
Interest in GameStop’s Bitcoin strategy began earlier this year after CEO Ryan Cohen met with Michael Saylor, chair of Strategy, in February. Reports suggest the talks focused on structuring corporate Bitcoin treasuries.
Three months later, GameStop confirmed the launch of its Bitcoin treasury. The move placed the company among a growing number of public firms holding BTC on their balance sheets.
Large Bitcoin Transfers May Trigger Disclosure Requirements
On chain activity suggests the latest transfer occurred in stages. On Jan. 18, GameStop sent 100 BTC, valued at roughly $9.5 million, from wallets linked to Coinbase Custody to Coinbase Prime.
The move was first noticed by on chain analyst Sani, who shared transaction details on X. Two days later, the same wallet transferred another 2,296 BTC. The remaining balance was settled shortly thereafter, completing the full transfer of 4,710 BTC.
Notably, moves from cold storage to brokerage-linked wallets signal potential selling rather than long term holding. As a result, there is speculation that GameStop may be reassessing its Bitcoin exposure amid continued price weakness.
Public silence from GameStop has added to the uncertainty. No statement has confirmed a sale or outlined future plans for the Bitcoin treasury. And regulatory rules may soon force clarity.
However, SEC guidelines mandate publicly listed companies to report material changes to digital asset holdings. Any sale exceeding 10% of treasury assets must appear in regulatory filings.
And in light of this, details of GameStop’s BTC sales would likely be included in the next quarterly report. Until then, market participants remain alert to further on-chain signals.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
A giant whale opens a 40x leveraged BTC long position with a size of $3.55 million, with the stop-loss set at $70,800.
According to Hyperinsight monitoring, the whale address starting with 0xe84 opened a 40x leveraged BTC long position on April 9, with a trade size of $3.55 million. The opening average price was $70,965. Currently, it has set sell orders totaling $1.94 million to take partial stop-losses.
GateNews1m ago
Michael Saylor Says Bitcoin Bottomed Near $60,000, Calls Quantum Threat Decades Away
Strategy (MSTR) executive chairman Michael Saylor stated at a Mizuho event on April 8, 2026 that bitcoin likely bottomed near $60,000 in early February when forced sellers were flushed out, and that the formation of banking credit and digital credit markets built on bitcoin will be the catalyst for the next bull market.
CryptopulseElite5m ago
Yesterday, Bitcoin spot ETF net outflows totaled $124 million, with BlackRock’s IBIT seeing net inflows of $40.67 million against the trend.
On April 8, Bitcoin spot ETF saw net outflows of $124 million. BlackRock’s IBIT had net inflows of $40.67 million, Fidelity’s FBTC had net outflows of $79.12 million, Ark’s ARKB had net outflows of $74.70 million, Grayscale’s GBTC had net outflows of $11.10 million, and the flows for the remaining institutions were all zero.
GateNews11m ago
Bitcoin Depot discloses a critical security vulnerability; hackers stole $3.6 million in BTC
Bitcoin Depot was hit by a security vulnerability on March 23, 2023. The hacker gained access to the IT system to steal login credentials, and without authorization transferred about 50.9 bitcoins, resulting in losses of approximately $3.67M. The incident did not affect customers’ personal data, showing the security challenges faced by Bitcoin ATM operators. This was the company’s second known major security incident, reflecting its need for stronger security measures under regulatory pressure.
MarketWhisper35m ago
