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.