📉 GameStop Quitting the Crypto Game? All 4,710 BTC Moved to Exchange with Potential $76M Loss
U.S. retail giant GameStop appears to be throwing in the towel on its Bitcoin strategy. According to CryptoQuant analysts, the company has transferred its entire stash of 4,710 BTC to Coinbase Prime.
The Hard Numbers:
Transfer Value: ~$424M at current prices.Entry Price: GameStop reportedly bought in at an average of $107,900 per BTC last year.Current Price: Hovering around $90,000.Potential Loss: A staggering $76 million hit if they sell now.
What’s Behind the Move?
Analysts suggest this is a precursor to a total liquidation of their crypto holdings. Interestingly, while the company sheds Bitcoin, CEO Ryan Cohen is doubling down on the core business—he recently purchased 500,000 $GME shares for $10M, boosting stock prices by 3%.
Is this a sign of institutional capitulation or just GameStop re-focusing on its struggling retail roots?
Is it a "Paper Hands" move by a major corporation, or are they predicting a deeper dip? Let’s discuss below! 👇
#GameStop #BTC #CryptoQuant #Bitcoin #Trading
