GameStop’s Bitcoin Shift Fuels Fears of BTC Sell-off

• GameStop rolled out its Bitcoin treasury strategy at the start of this month after the chief executive officer, Ryan Cohen, met with strategy chair Michael Saylor.
• The corporate crypto treasuries increased in popularity over 2024 and early 2025, with firms looking for exposure to Bitcoin. 

GameStop has shifted its complete Bitcoin treasury to Coinbase Prime, igniting anticipation that the video game retailer may be planning to sell its BTC holdings at the time of current market volatility. 

As per the blockchain intelligence company CryptoQuant, GameStop transferred all 4,710 BTC, estimated at over $420 million, to Coinbase’s institutional trading platform on January 23, a shift the firm defined as probably to sell. 

CryptoQuant asked through a post on X: ‘Does GameStop throw in the towel?’ It also mentioned that such moves are normally linked with preparation for liquidation or custody reorganisation.  

If GameStop had to sell its Bitcoin at the current price of around $90,800, the firm would report an estimated $76 million loss. The retailer collected its BTC position at an average purchase price of around $107,900 for one BTC, taking the overall investment to over $500 million at the time. 

The Increased Popularity

GameStop rolled out its Bitcoin treasury strategy at the start of this month after the chief executive officer, Ryan Cohen, met with Strategy chair Michael Saylor, talking over how corporate Bitcoin holdings could be structured. 

At the time of writing, GameStop hasn’t officially accepted it, but the move indicates an imminent sale. The blockchain move came up with a regulatory filing at the start of this week indicating that Ryan Cohen bought an additional 500,000 GME shares, worth more than $10 million. 

GameStop shares increased by over 3% after the disclosure. The comparing actions and surging equity exposure while certainly suppressing crypto exposure have added anticipation that GameStop may assess its digital asset strategy once again. 

The corporate crypto treasuries increased in popularity over 2024 and early 2025, with firms looking for exposure to Bitcoin as a balance-sheet reserve asset. Although, a lot of firms witnessed share price volatility accelerate in late 2025 as BTC retraced from record highs. 

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