According to the latest on-chain data, GameStop (NYSE: GME), a well-known US gaming retailer, appears to have initiated a large-scale transfer of Bitcoin assets. The market discovered that a wallet address believed to be associated with GameStop transferred a total of 2,396 Bitcoins to a Coinbase Prime hot wallet within just 16 hours, representing approximately half of its total Bitcoin holdings, drawing significant attention.
A total of 2,396 BTC were transferred in two separate transactions.
On-chain data shows that the first transfer occurred on January 17th, when the address transferred 100 BTC from a cold wallet suspected to belong to Coinbase Custody, with a market value of approximately $9.5 million at the time. Then, on January 20th, another 2,296 BTC were transferred out, with a market value of approximately $200 million. The two transfers totaled 2,396 BTC, all of which went to a Coinbase Prime hot wallet.
Since Coinbase Prime primarily provides trading, brokerage, and liquidity services to institutional investors, rather than a long-term cold storage environment for assets, the market generally interprets "transferring from a cold wallet to a Prime hot wallet" as a precursor to potential selling or monetization.
Bitcoin prices have fallen, putting pressure on paper losses.
Currently, the price of Bitcoin is fluctuating around $90,000, significantly lower than GameStop's initial average purchase cost (approximately between $106,000 and $109,000). Based on this, the paper loss from this Bitcoin transfer is estimated at approximately $70 million. If the untransferred portion is included, the overall unrealized loss could be even higher.
Market analysts point out that if GameStop sells Bitcoin at this time, it would mean the company is choosing to exit at a loss, marking a significant turning point for its Bitcoin treasury strategy.
The financial report mentioned liquidity needs, leading to market speculation that a sale was imminent.
In its Q3 2025 earnings report, GameStop mentioned that it might utilize its Bitcoin treasury to address liquidity or financial management needs if necessary. Combined with recent large-scale on-chain transfers, the market speculates that this move may be preparation for a potential sale or to meet other funding needs.
Some analysts believe that if GameStop ultimately confirms the sale of Bitcoin, it may become one of the first "Bitcoin treasury companies" to exit the market, highlighting the challenges of price volatility and risk management faced by companies after including Bitcoin on their balance sheets.
From meme stocks to Bitcoin treasuries, their movements are closely watched.
GameStop is a well-known American brick-and-mortar and online gaming retailer, primarily selling video game consoles, game software, and related merchandise. In 2021, driven by retail investors, it experienced a globally significant "meme stock" surge. In May 2025, GameStop announced a strategy to incorporate Bitcoin into its corporate treasury, investing over $500 million to purchase approximately 4,710 BTC, which briefly boosted its stock price.
However, with the decline in Bitcoin prices, the company's holdings are facing considerable paper pressure. The transfer of nearly half of its Bitcoin to Coinbase Prime has already sparked heated discussions within the crypto community and investment circles.
As of now, GameStop has not issued an official statement regarding the on-chain anomalies. Whether Bitcoin has actually been sold remains to be confirmed by further on-chain developments and company announcements.
