Crypto watchers are speculating that video game retailer GameStop (GME) might be the latest firm to abandon its bitcoin BTC$89,129.30 treasury after moving all its coins to Coinbase this week.

Blockchain analytics firm CryptoQuant spotted on Friday that a wallet labeled GameStop had transferred all its stash – some 4,710 BTC, worth about $420 million at current prices – to Coinbase Prime, the U.S.-based crypto exchange's institutional arm. Blockchain data by Arkham Intelligence confirms the transfers.

GameStop announced the bitcoin purchase in May. While the company did not disclose how much it spent on the stash, CryptoQuant estimated it invested roughly $504 million at an average price of $107,900 per coin. If sold today at roughly $89,000 BTC price, the company would likely take a loss of around $84 million.

Is GameStop selling?

The maneuver has sparked speculation in crypto circles that GameStop may be exiting its bitcoin position. Especially so that it happened at a time when digital asset treasury firms are under increasing pressure as crypto markets tumbled over the past months, leaving them sitting on steep unrealized losses on their holdings. Some of them, like Ethereum-focused ETHZilla (ETHZ), already sold a significant chunk of their ether stash to trim their debt load.

While moving funds to Coinbase Prime, a platform catering to institutional clients, often signals an intent to sell, not all large transfers necessarily imply an imminent liquidation.

Coinbase Prime also offers custodial services for institutions through its regulated trust company, which could, in theory, mean internal transfers and wallet management.

GameStop has not commented on the transfer yet.