Crypto watchers are speculating that video game retailer GameStop (GME) may be the latest company to abandon Bitcoin. BTC$89,561.83 Treasury after moving all my coins to Coinbase this week.
Blockchain analysis firm CryptoQuant discovered on Friday that a wallet named GameStop had transferred all of its hidden assets (approximately 4,710). BTCworth approximately $420 million at current prices – will be transferred to Coinbase Prime, the institutional arm of the US-based cryptocurrency exchange. Blockchain data from Arkham Intelligence confirmed the transfer.
GameStop Bitcoin Holdings (Arkham Intelligence)
GameStop announced its purchase of Bitcoin in May. Although the company did not disclose how much it spent on the stash, CryptoQuant estimates that it invested around $504 million, with an average price per coin of $107,900. If it currently sells for about $89,000 BTC Considering this price, the company could lose about $84 million.
Does GameStop sell it?
The maneuver sparked speculation in the crypto world that GameStop might exit its Bitcoin position. This comes at a time when digital asset treasury companies are under increasing pressure, especially as the cryptocurrency market has plummeted over the past few months, leaving them with significant unrealized losses on their holdings. Some companies, like Ethereum-focused ETHZilla (ETHZ), have already sold a significant portion of their Ether assets to reduce their debt burden.
While moving funds to Coinbase Prime, an institutional platform, often indicates intent to sell, not all large transfers necessarily mean an imminent liquidation.
Coinbase Prime also offers custodial services for institutions through a regulated trust company, which could theoretically mean internal transfers and wallet management.
GameStop has not yet commented on the move.
