GameStop, a publicly traded company, has moved all of its Bitcoin holdings worth $421.54 million to Coinbase Prime, a platform mostly used by institutions for larger sell-offs.

The move has raised concerns among the crypto community that GameStop could be preparing to sell its Bitcoin holdings. 

And if it does, will BTC see a sharp drop in price? 

GameStop Transfers All Bitcoins To Coinbase 

According to on-chain data, GameStop moved its entire 4,710 Bitcoin balance to Coinbase Prime, leaving its on-chain wallet empty.

However, GameStop bought this Bitcoin in May 2025, spending about $504.4 million at an average price of nearly $107,900 per BTC. At current prices around $89,400, those holdings are now worth roughly $421 million, showing a potential loss of more than $80 million if sold.

So far, GameStop has not confirmed whether it has sold or plans to sell its Bitcoin. Still, because the transfer happened all at once, some traders see it as a sign of capitulation, especially after months of the Bitcoin price staying flat.

From Top Holder to Possible Exit

At its peak, GameStop ranked among the top 25 largest corporate Bitcoin holders worldwide. The company built its Bitcoin treasury after CEO Ryan Cohen met with Strategy chair Michael Saylor last February to discuss how such a move could be done.

The Bitcoin holdings chart shows that GameStop held its BTC steady for several months after the purchase. 

From mid-2025 to late-2025, there were no major changes, then moved all of it at once in January 2026.

How Bitcoin Price Could React If GameStop Sells Its BTC

If GameStop sells all its Bitcoin, the overall market impact may be limited, since 4,710 BTC is small compared to daily trading volume. However, the news has already affected market sentiment.

After the reports, institutional activity turned negative. BlackRock’s Bitcoin ETF saw an outflow of $101.6 million, while its BlackRock ETH ETF recorded $44.5 million in outflows, marking the fifth straight day of net outflows for Bitcoin ETFs.

As of now, Bitcoin is trading near $89,500, showing a slight drop, while the total crypto market value stands around $1.79 trillion.

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