GameStop CEO Ryan Cohen has teased that the video game retailer could start accepting crypto for trading card purchases and said the company’s Bitcoin buys aren’t copying MicroStrategy.
Cohen told CNBC’s Squawk Box on Tuesday that GameStop shifted tactics to reduce reliance on hardware in the face of rising costs and focus more on trading cards and collectibles, which could one day be bought using crypto.
“There’s an opportunity to buy trading cards and to do so using cryptocurrency. So, we’ll see how much there is on the actual demand side for that kind of product,” he said.
“The utility of crypto beyond investing is a hedge against inflation. I think so far that’s been the biggest demand for crypto, and so, the ability to actually use crypto within transactions is something that is an opportunity and it’s something that we’re looking at.”
GameStop looking at all cryptocurrencies
Cohen said that while there’s “definitely an opportunity” to actually use crypto in the space, GameStop hasn’t specifically chosen which token it will use.
“We’re going to look at all cryptocurrencies,” he added.
GameStop previously made forays into the crypto space with a nonfungible token marketplace, which was eventually shuttered in January 2024 due to concerns about regulatory uncertainty.
It also launched a crypto wallet, which it also shut down in November 2023 due to similar concerns over regulations.
Bitcoin a hedge against inflation
GameStop joined the growing number of companies buying Bitcoin (BTC) when it acquired 4,710 BTC on May 28, in a purchase worth over $500 million at the time.
Cohen said GameStop’s investment in Bitcoin is a “hedge against inflation and global money printing,” and investors shouldn’t see it as another clone of Michael Saylor’s MicroStrategy, which goes by Strategy.
“We have our own unique strategy, and we have a very strong balance sheet of over $9 billion in cash and marketable securities, and we will deploy that capital responsibly as I would my own capital,” he said.
The company plans to “look for opportunities where the downside side is limited and there’s a lot of upside,” Cohen added.
Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec
On June 23, GameStop disclosed it had raised another $450 million as part of its planned $2.25 billion private convertible note offering for investments, which could include Bitcoin.
Stock hasn’t reacted to crypto payment tease
In February, shares in GameStop (GME) saw an 18% jump amid speculation that it was considering investments in alternative asset classes, including crypto.
At the close of trading on Tuesday, however, GameStop shares were down over 2% and trading at $23.22, seeing just a 0.30% bump to $23.29 after the bell.
GameStop shares have been a mixed bag in 2025, having climbed 30% in the 30 days before the company’s May 28 Bitcoin purchase but then tanking 22% in June after the company announced an increase in its planned private convertible note offering.
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