GameStop Initiates Full Transfer of Bitcoin to Coinbase Prime, or Signals Chip Sale

BlockBeats News, January 24th, GameStop has transferred all of its 4,710 bitcoins held to Coinbase Prime, sparking speculation in the market about its possible sale of bitcoin assets. The bitcoins are currently worth approximately $422 million.

This transfer "likely indicates preparation for sale." If sold at the price of around $90,800 per bitcoin, GameStop may realize a book loss of around $76 million. Previously, GameStop had purchased the aforementioned bitcoins in batches at an average price of $107,900 in May of this year.

As of now, GameStop has not publicly responded to whether it will sell the bitcoins.