GameStop accumulated 4,710 BTC through several investments in May at an average purchase price of $107,900, CryptoQuant said. A sale with Bitcoin at $90,800 would imply about a $76 million loss, CryptoQuant added.
In addition, GameStop launched its Bitcoin treasury effort after chief executive officer Ryan Cohen met Strategy chair Michael Saylor last February. GameStop has not publicly addressed whether it sold, or intends to sell, its Bitcoin.
Looking ahead, the figures from BFC, Bitbo, and CryptoQuant point to a market shaped by corporate Bitcoin treasury accumulation and ETF flows. ADG has remained negative since December suggests broader demand has not yet strengthened, even as corporate holders continued adding to balances.
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