Did GameStop (GME) Capitulate? Retailer Moves All Bitcoin Holdings to Coinbase in Potential Sell-Off

Retail company GameStop may have given up on its ambitions as a Bitcoin treasury company, less than a year after it first acquired BTC for its balance sheet. This follows the transfer of all its BTC holdings, suggesting a potential sell-off by the company.

GameStop Transfers All Bitcoin Holdings To Coinbase

In an X post, the on-chain analytics platform CryptoQuant revealed that the company’s on-chain wallets recently moved all their Bitcoin holdings to Coinbase Prime, likely to offload the coins. Notably, Arkham analyst Emmett Gallic had earlier this week flagged a transfer of 2,396 BTC to Coinbase, which he said was from an address belonging to GameStop.

The 2,396 BTC accounted for half of the company’s Bitcoin holdings. However, now, it has transferred the remaining holdings to the top crypto exchange. This move comes just less than a year after the gaming retailer first added BTC to its balance sheet, having earlier revealed plans to raise up to $1.3 billion to acquire the flagship crypto.

GameStop acquired 4,710 BTC for $504 million at an average price of $107,900 between May 14 and 23. As such, a potential sale at the current BTC price would result in the company realizing a loss of almost $76 million.

It is worth noting that the company’s Bitcoin holdings were worth around $593 million when BTC rallied to a new all-time high (ATH) of $126,000 last October. CoinGape had even reported that GameStop’s revenue received a boost thanks to its Bitcoin stash. Meanwhile, it ranked 22nd among Bitcoin treasury companies, just below Trump-backed American Bitcoin and Anthony Pompliano’s ProCap.

Crypto Pundit Accuses Retailer Of Only Acquiring BTC Based On Hype

Crypto pundit Jacob King has accused GameStop of acquiring Bitcoin solely to capitalize on hype. He remarked that the company’s CEO, Ryan Cohen, believed the move would boost the company’s stock price. “But after lackluster results, he’s quietly jumping ship,” King said.

The GME stock has significantly dropped since the company announced its Bitcoin acquisition in May 2025, dropping from a high of $35. The stock notably fell as much as 10% on May 28, the day it acquired 4,710 BTC.

Meanwhile, the GameStop stock is down in today’s trading session amid reports that the company is likely offloading its coins. TradingView data shows that the stock is trading at around $22, down over 3% from yesterday’s close above $23. The stock is up over 10% year-to-date (YTD). CoinGape reported yesterday that GME stock jumped as much as 6% after Cohen revealed he had bought 1 million shares, worth over $22 million.

Commenting on the potential Bitcoin sale by GameStop, GME commentator Reese opined that the company likely plans to deploy the capital for something else if it is really dumping these coins at a loss. “No way they randomly eat this loss when Ryan Cohen has been known to be a patient investor,” he added.