David Edwards
GameStop CEO Ryan Cohen has signaled a potential shift in the company’s digital strategy, revealing plans to explore cryptocurrency as a payment option for trading cards and collectibles. Speaking to CNBC’s Squawk Box on Tuesday, Cohen emphasized that GameStop’s recent Bitcoin acquisition was driven by macroeconomic concerns, not by an attempt to mirror MicroStrategy’s investment model.
“There’s an opportunity to buy trading cards using cryptocurrency,” Cohen said, noting that GameStop is assessing demand for such an offering. He framed crypto’s appeal not just in transactional utility but also as a safeguard against inflationary pressures. “So far, the biggest demand for crypto has been as an inflation hedge,” he stated.
Cohen also confirmed that GameStop has not committed to any specific digital asset. “We’re going to look at all cryptocurrencies,” he noted, hinting at a broad-based approach to crypto adoption.
This is not GameStop’s first foray into the digital asset space. The company previously launched a non-fungible token (NFT) marketplace and a crypto wallet. Both initiatives were later discontinued in 2023 and 2024, respectively, amid mounting regulatory uncertainty.
Despite the setbacks, GameStop remains active in the crypto arena. On May 28, the company purchased 4,710 BTC—worth over $500 million at the time—as a hedge against inflation and central bank monetary policies. “We have our own unique strategy,” Cohen said, dismissing comparisons to MicroStrategy. “We will deploy capital responsibly, as I would my own.”
Cohen added that GameStop is backed by a robust financial foundation, with over $9 billion in cash and marketable securities, allowing it to pursue ventures with asymmetric risk-reward profiles.
On June 23, GameStop disclosed a $450 million raise as part of a larger $2.25 billion private convertible note offering. While it may include further Bitcoin acquisitions, the company’s stock performance has been volatile. Following a 30% rise in May preceding the BTC buy, shares dropped 22% in June after the note expansion announcement.
Despite Cohen’s hints about crypto payments, GameStop shares have shown limited reaction. As of Tuesday’s close, the stock was down more than 2%, trading at $23.22. After-hours trading saw only a slight uptick to $23.29.
