GameStop transfers 51% of Bitcoin holdings to the custodian, sell or fund adjustment?

【Crypto World】The recent move by retail gaming giant GameStop has sparked widespread discussion in the market. In mid to late January, they transferred 2,396 Bitcoins twice to a compliant custody platform, effectively moving 51% of their Bitcoin holdings out. Once this news broke, speculation began—could they be bottoming out and exiting?

The background is as follows: GameStop started accumulating Bitcoin in mid-2022, reaching a peak of 4,710 coins. By the end of Q3 last year, this holding was valued at $519.4 million. Now, suddenly transferring the assets to a custodian could easily be interpreted as a sell signal. However, such operations could also be routine asset reallocation, not necessarily indicating an intention to sell off. Whether this is a genuine exit or a false move remains to be seen.