GameStop sends all Bitcoin reserves to custody platform; imminent liquidation?

Source: PortaldoBitcoin Original Title: GameStop sends all Bitcoin reserves to Coinbase; short squeeze coming? Original Link: This week, a suspicion has emerged in the crypto market that GameStop may be about to abandon its Bitcoin treasury strategy. On-chain data indicate that the retailer transferred 100% of its BTC reserves to a custody platform, a move that typically precedes large institutional sales in the market.

According to analysis firm CryptoQuant, wallets associated with GameStop moved approximately 4,710 bitcoins, worth US$ 418 million, to addresses linked to the custody of an institutional storage platform. The movement raises alerts of a possible imminent dump, especially during a weak market phase.

If the sale is confirmed, the operation could result in significant losses. GameStop acquired the BTCs between May 14 and 23, 2025, at an average price of US$ 107,900, totaling around US$ 504 million invested. With Bitcoin currently trading near US$ 88,800, the full liquidation of the position could lead to estimated losses of US$ 86 million.

The move surprises the market, as the purchase of Bitcoin was announced as part of a long-term strategy. At the time, GameStop reported acquiring 4,710 BTC after completing a US$ 1.5 billion offering of senior convertible notes, indicating the creation of a corporate treasury based on the market’s leading cryptocurrency.

Back then, CEO Ryan Cohen even fueled expectations that the company would follow in the footsteps of another well-known Bitcoin accumulation corporate strategy. In March 2025, Cohen posed alongside an executive who became a symbol of the corporate Bitcoin accumulation model.

GameStop became globally known in 2021 when it became the epicenter of the “meme stock” phenomenon. Investors organized on forums like Reddit fought against short-sold funds, triggering one of the largest short squeezes in recent financial market history, led by the iconic figure of Roaring Kitty.