GameStop Shifts 100 BTC to Coinbase Prime; On-Chain Sleuths Flag $9.5M Move
GameStop moved $9.5 million in Bitcoin to Coinbase Prime, sparking discussions on treasury management as the retailer’s crypto holdings exceed $500 million.
The Lede
GameStop (GME) transferred 100 Bitcoin ($9.5 million) to Coinbase Prime on Jan. 17, a move identified by on-chain analyst Sani of Timechainindex. The transaction involved sending funds from a known GameStop wallet to the institutional brokerage arm of Coinbase, leaving approximately 711 BTC in the originating custody address. While exchange inflows typically rattle retail sentiment, institutional transfers to Prime often facilitate custody restructuring, collateralization, or OTC liquidity rather than open-market dumping.
The Details
The transfer represents a fraction of the video game retailer’s total holdings. In its Q3 2025 filings, GameStop disclosed a Bitcoin position valued at roughly $519.4 million (approximately 4,710 BTC), acquired as part of a corporate treasury pivot initiated under CEO Ryan Cohen. At current market prices of ~$95,200, the 100 BTC tranche accounts for less than 2% of the company’s known stash.
Gamestop sent 100 BTC to Coinbase Prime. The transaction displays two outputs, 100 BTC and 0.00023787 BTC… originating from addresses linked to Gamestop and tagged as Coinbase Custody. Sani, Timechainindex
Institutional Context
This movement aligns with a broader trend of corporate treasury activation observed this week. Fast-food chain Steak ‘n Shake confirmed a $10 million Bitcoin allocation on Jan. 17, utilizing the asset as a strategic reserve. For GameStop, the shift to Coinbase Prime, a platform designed for high-volume execution and cold storage management, suggests active treasury maintenance rather than a simple liquidation. The company raised nearly $3 billion via convertible notes in 2025 to fund this strategy, positioning itself alongside MicroStrategy as a proxy for corporate Bitcoin adoption.
