Key Insights
- GameStop has moved all of its Bitcoin holdings, raising doubts of either custody consolidation or potential selling.
- If the company has sold its 4,710 Bitcoin holdings at $90,800, it could potentially incur a loss of $76 million.
- However, the GME stock jumped above $23 after Ryan Cohen bought 1M shares, reviving investor confidence.
Latest on-chain data shows that Wall Street gaming firm GameStop (NYSE: GME) has offloaded all of its Bitcoin holdings.
In the latest move, the firm has moved 4,710 Bitcoin from its treasury, poised for selling. The flip comes in less than a year after the company announced its major BTC purchase last year in mid-2025.
GameStop Preparing For A Bitcoin Exit
CryptoQuant said GameStop may be preparing to exit its Bitcoin position. On‑chain data showed the company’s wallets moved BTC holdings.
The wallets transferred assets directly to Coinbase Prime. Such transfers are typically associated with custody services and potential selling activity.
According to CryptoQuant, GameStop accumulated 4,710 BTC between May 14 and May 23, 2025, at an average purchase price of $107,900, investing roughly $504 million. If the coins are sold near current levels around $90,800, the firm could realize an estimated $76 million loss.
Back then, the GameStop (NASDAQ: GME) stock price rallied all the way to $35. However, it quickly lost steam amid a broader market correction and ended the year 2025 at $20.
The good thing is that since the start of 2026, the GME stock is once again gathering steam. On a year-to-date basis, the stock price is up more than 12.22%. Also, it is currently trading at $23.44 as of Jan. 22.
Michael Saylor’s Strategy (MSTR) has continued with a systematic Bitcoin accumulation. However, the overall pace of accumulation has slowed down compared to other market players.
What’s Behind the GameStop Stock Surge?
On Jan. 22, the GameStop share price surged more than 5%, hitting the highest level since December 18. Soon after the company announced some store closures, Chairman Ryan Cohen disclosed a major share purchase.
The stock climbed to around $23, up more than 14% from its year-to-date low. The rally followed Cohen’s disclosure that he bought 1 million shares, currently valued at more than $22 million.
Investors see this move as a long-term confidence signal. Cohen now owns roughly 9.3% of GameStop, a stake worth more than $930 million.
GameStop’s board approved a compensation package weeks earlier. The package gives Cohen options to buy 170 million shares at $20.
Cohen’s filing was released the same day GameStop said it would close 470 stores in the United States. This brings the company’s total closures to more than 1,000 as demand for physical video games continues to weaken.
Cohen has previously indicated the company could ultimately operate around 2,000 stores. GameStop’s core business has faced sustained pressure as more consumers shift toward digital distribution and streaming.
The company’s effort to adopt a Bitcoin treasury strategy has also struggled amid Bitcoin’s pullback.
Company Revenues Can Put GME Stock Under Pressure
In its latest results, revenue declined to $821 million in the third quarter from $860 million a year earlier.
Analysts expect continued weakness in GameStop’s performance. Yahoo Finance projects annual revenue at about $4.2 billion. This is down from roughly $6 billion in 2021.
Despite the challenges, GameStop maintains a strong balance sheet. They reported more than $7.5 billion in cash and $956 million in marketable securities. The company also reported total assets of about $10.5 billion versus $5.2 billion in liabilities.
GameStop remains heavily shorted, with short interest above 16%. This raises the possibility of renewed volatility and a potential short squeeze similar to the one seen in 2021.
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