GameStop $GME ( ▼ 0.65% ) just moved more than half of its bitcoin $BTC ( ▼ 0.02% ) holdings to Coinbase Prime, and crypto traders immediately did what they do best: assume the worst (or at least the spiciest).
The company transferred 100 bitcoin on January 17, then another 2,296 bitcoin on January 20, according to analyst Sani. That is a big chunk of its stack.
Why Coinbase Prime set off alarm bells
This is not just “moving funds around.”
Rohan Hirani, cofounder of BitcoinQuant, told Sherwood News that institutions typically keep long-term holdings in cold storage like Coinbase Custody, and that moving coins to Coinbase Prime is usually a clear signal they may be preparing to trade or sell.
In other words: Prime is where execution happens.
What the move might actually mean
Hirani also pointed out the most interesting part is the size. Moving about 51% of its total holdings suggests GameStop might be treating bitcoin more like inventory to monetize, not like a permanent treasury asset the way Strategy $MSTR does.
That makes it feel less like a “we believe in bitcoin forever” move.
And more like: “we might need cash.”
Not a broader corporate bitcoin trend
Hirani emphasized this does not look like some wider signal that balance sheet bitcoin companies are dumping. Most corporate holders are long-term by nature.
This looks like a GameStop-specific decision, potentially to shore up its own balance sheet rather than speculate.
The only problem: on-chain data can’t confirm intent
Nic Puckrin, cofounder of Coin Bureau, said big transfers like this often look like prep for a sale, but on-chain data alone cannot confirm what GameStop will do unless it actually sells.
Still, he noted it would not be surprising for GameStop to de-risk here, since it has historically been more opportunistic than the typical corporate BTC treasury play.
What else is going on
GameStop shares have been ripping since CEO Ryan Cohen purchased $10.6 million in company stock on Wednesday.