GME news: GameStop's $420 million bitcoin (BTC) move sparks speculation of selling
GameStop moved approximately 4,710 BTC, worth $420 million, to Coinbase Prime, fueling speculation about a potential sale.Summary
Video game retailer GameStop (GME) transferred its entire bitcoin stash, totaling about 4,710 BTC valued at $420 million, to Coinbase Prime, prompting speculation that the company might be exiting its crypto holdings. Blockchain analytics firms CryptoQuant and Arkham Intelligence confirmed the movement of the assets to the institutional arm of the exchange. GameStop initially purchased the bitcoin in May, estimated by CryptoQuant to be around $504 million at an average price of $107,900 per coin. If sold near the current price of $89,000, the company could face an unrealized loss of about $84 million. While moving funds to Coinbase Prime often suggests an intent to sell, the transfer could also represent internal asset management or custodial services, as Coinbase Prime offers such institutional services. GameStop has not yet commented on the transaction.
(Source：CoinDesk)