A loss of approximately $76 million on GameStop’s Bitcoin wager would be implied by a total liquidation at current market rates, given that their 4,710 Bitcoin were acquired at a mean cost of $107,900.
The entire Bitcoin reserve of GameStop has been transferred to Coinbase’s institutional trading platform, sparking speculation that the video game retailer may be reconsidering its Bitcoin treasury strategy.
Questions were raised by CryptoQuant, a blockchain intelligence platform, in a post to X on Friday: “GameStop throws in the towel?” This inquiry followed the observation that the retailer’s entire 4,710 Bitcoin stash, valued at more than $422 million, was moved to Coinbase Prime.
It was suggested by CryptoQuant that the transfer was “likely to sell” the holdings, with the observation being made that a liquidation at a Bitcoin price of $90,800 would result in GameStop realizing approximately $76 million in losses from its initial wager.
A total of 4,710 Bitcoin was accumulated by GameStop across several investment rounds in May at a mean acquisition cost of $107,900.
GameStop Yet to Confirm Bitcoin Sale Plans
A Bitcoin treasury was launched by GameStop after its CEO, Ryan Cohen, met with Strategy chair Michael Saylor last February to discuss how such strategies could be best implemented.
Public confirmation of the speculation regarding the sale or planned liquidation of its Bitcoin holdings has not been provided by GameStop.
An immediate response was not received when reached out to GameStop for comment.
This development follows a Wednesday disclosure in which another 500,000 GME shares, valued at more than $10 million, were acquired by GameStop CEO Ryan Cohen, helping to drive the retailer’s stock price up by over 3% on Thursday.
The establishment of Bitcoin treasuries became a popular institutional trend in 2024 and 2025, though many saw their shares tumble in the back half of 2025 as the sustainability of such strategies was called into question.
In January 2026, Bitcoin is held on the balance sheets of over 190 publicly traded companies, while Ether, Solana, and various altcoin treasuries have also been launched by numerous other firms during the past 12 months.
MSCI Continues to Include Crypto Treasuries in Market Indexes
A major victory was scored by corporate crypto treasuries, particularly Strategy, earlier this month when Morgan Stanley Capital International (MSCI) decided not to exclude digital asset treasury companies from its market index, for now.
In January 2026, MSCI stated that further time was required to distinguish between investment companies and other firms that hold digital assets as part of their core operations.
In a significant development for corporate cryptocurrency holdings, GameStop has transferred its entire Bitcoin holdings, sparking speculation regarding potential sales. This action occurs amid a broader trend where over 190 publicly traded companies now feature Bitcoin on their balance sheets, alongside a rise in Ether, Solana, and various altcoins. The decision by MSCI to retain crypto treasuries in its market indexes further underscores the growing acceptance of digital assets among traditional financial institutions. The ongoing classification efforts by MSCI highlight the need for clarity in differentiating between investment firms and those integrating digital assets into their primary operations.
