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Video game retailer GameStop (GME) is the latest company to renounce its bitcoin BTC$89,561 in recent weeks of crypto watchers speculation that video game retailers may be the new one. With all its coins moved to Coinbase this week, it has prompted s to be 83 treasury.
The latest news on Friday that a wallet labeled GameStop had transferred all its stash – some 4,710 BTC, worth about $420 million at current rates – to Coinbase Prime (the U.Nativeative) was the target of Blockchain analytics firm CryptoQuant. s S The institutional arm of -based crypto exchange’s is the institutional arm for its own currency exchange. Those transfers are confirmed by Arkham Intelligence’s Blockchain data, which is used to verify the transfer.
GameStop bitcoin holdings (Arkham Intelligence)
The bitcoin purchase was announced in May by GameStop, which said it would be a “bite of “. Despite the company’s lack of details about its investment in the stash, CryptoQuant estimated it invested around $504 million at an average cost of $107,900 per coin. The company’s loss would likely be approximately $84 million if sold today at around $89,000 BTC price.
Is GameStop selling?
This maneuver has led to speculation in crypto circles that GameStop may be stepping out of its bitcoin position. But especially so when digital asset treasury companies are under increasing pressure as crypto markets fell over the last few months, and they sit on high unrealized losses on their holdings. Many of them — like Ethereum-focused ETHZilla (ETH ZZ) — had already sold much of their ether stash to reduce the debt load they have.
When I am transferring money to Coinbase Prime, a platform for institutional clients, it often signals an intent to sell but not all large transfers necessarily mean that there is no imminent liquidation.
Similarly, coinbase Prime provides custodial services for institutions through its highly-regulated trust company (the theoretically possible) which could mean internal transfers and wallet management.
GameStop has not commented on the transfer yet.
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