Key Takeaways
- GameStop transferred 2,396 BTC total to Coinbase Prime in January 2026.
- The moves include 100 BTC on Jan 17 and 2,296 BTC on Jan 20.
- This represents about 51% of their original 4,710 BTC Bitcoin holdings.
GameStop, the brick-and-mortar video game retailer that became a meme-stock phenomenon, is reportedly moving to sell its Bitcoin holdings.
The company added Bitcoin to its corporate treasury in mid-2025, a move that helped propel its stock to fresh highs at the time.
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Is GameStop Dumping Bitcoin?
Recent on-chain activity has sparked speculation over whether GameStop is “dumping” its Bitcoin holdings.
This follows several large transfers by the video game retailer to Coinbase Prime, an institutional brokerage platform.
On Jan. 18, GameStop transferred 100 BTC, worth roughly $9.5 million at the time, from wallets linked to Coinbase Custody to Coinbase Prime.
On-chain analyst Sani first flagged the transaction on Jan. 18 in a post on X, sharing a screenshot of the transfer.
Two days later, on Jan. 20, the same wallet moved an additional 2,296 BTC to Coinbase Prime.
Transfers from cold storage to brokerage wallets are often interpreted as a signal of potential selling rather than long-term holding.
As of the end of Q3 2025, GameStop’s Bitcoin holdings were valued at $519.4 million.
Independent trackers such as bitcointreasuries.net and The Block confirmed holdings of 4,710 BTC through early January 2026, although some platforms may not yet reflect the latest movements.
GameStop first disclosed its Bitcoin treasury strategy in May 2025, purchasing 4,710 BTC between May 14 and May 23, 2025.
That move made the company the 22nd-largest public corporate holder of Bitcoin at the time, with an average acquisition price of roughly $106,000 per BTC based on market prices during the purchase window.
Are Treasury Companies Losing Hope?
GameStop entered the Bitcoin treasury race relatively late, but the move drew attention given its role at the center of the last cycle’s meme-stock frenzy and historic short squeeze.
Since then, Bitcoin’s price has struggled to regain strong momentum, especially compared with rallies seen in assets like gold and, at times, Ethereum.
Amid rising volatility and renewed bear-market predictions, some speculate that GameStop could become one of the first public companies to unwind its Bitcoin position.
So far, however, the company has made no official announcement suggesting a sale.
Transfers to Coinbase Prime could also reflect routine treasury management, such as rebalancing holdings, posting collateral, or preparing for Bitcoin-linked financial strategies.
Analysts note that Coinbase Prime is commonly used for institutional brokerage services rather than immediate liquidation.
While speculation persists, a large sale appears unlikely at current prices.
Bitcoin is trading around $90,800, well below GameStop’s estimated average acquisition cost of roughly $106,000, meaning any sale would likely lock in losses.
As a public company, GameStop must disclose material changes to its Bitcoin holdings in SEC filings if sales exceed 10% of its treasury position.
Any move to offload a significant portion, such as more than half of its BTC, would likely surface in the next quarterly report.
Holding Bitcoin offers upside if crypto markets rebound, but it also exposes companies to mark-to-market losses and balance-sheet volatility—risks that have increasingly come into focus as more firms follow the corporate Bitcoin treasury model.
