GameStop Wallet Moves 2,396 BTC to Coinbase, Faces $70M Loss

A wallet address suspected to be linked to GameStop has transferred 2,396 BTC to a Coinbase Prime hot wallet, according to on-chain data. This transaction, which occurred 16 hours ago, represents about 50% of the wallet’s total Bitcoin holdings. GameStop initially acquired 4,710 BTC in May 2025 through Coinbase Prime, investing approximately $500 million at an average price between $106,000 and $109,000 per Bitcoin. The current unrealized loss on this investment is estimated at $70 million.