GameStop CEO Ryan Cohen has hinted that the company may begin accepting cryptocurrency for trading card purchases, emphasizing that its Bitcoin investments are not an attempt to mimic MicroStrategy.
In an interview with CNBC’s Squawk Box on Tuesday, Cohen explained that GameStop has shifted its strategy away from hardware due to rising costs, instead focusing on trading cards and collectibles — a market that could potentially support crypto payments in the future.
“There’s an opportunity to buy trading cards using cryptocurrency,” Cohen said. “We’ll see what the actual demand looks like for that kind of offering.”
“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 noted that while there’s “definitely an opportunity” to integrate crypto into the space, GameStop has not yet decided on a specific token.
“We’re going to evaluate all cryptocurrencies,” he said.
GameStop had previously ventured into the crypto space with a nonfungible token (NFT) marketplace, which was shut down in January 2024 amid regulatory uncertainty.
The company also introduced a crypto wallet, but discontinued it in November 2023 for similar regulatory reasons.
Bitcoin as a safeguard against inflation
GameStop joined a growing list of companies investing in Bitcoin with its purchase of 4,710 BTC on May 28, valued at over $500 million at the time.
CEO Ryan Cohen described the move as a “hedge against inflation and global money printing,” stressing that the investment should not be viewed as a copy of MicroStrategy’s approach. “We have our own unique strategy,” he said. “We maintain a strong balance sheet with over $9 billion in cash and marketable securities, and we will deploy that capital as carefully as I would my own.”
Cohen added that GameStop is focused on opportunities where the potential downside is limited and the upside is significant.
On June 23, the company announced it had raised an additional $450 million through its ongoing $2.25 billion private convertible note offering, with potential plans to invest some of those funds in Bitcoin.
GameStop’s stock has shown little reaction to the crypto payment tease
Back in February, GameStop (GME) shares surged 18% on speculation that the company was exploring investments in alternative assets, including cryptocurrencies.
However, by the close of trading on Tuesday, the stock had slipped over 2%, ending the day at $23.22. It saw only a modest after-hours uptick of 0.30%, reaching $23.29.
GameStop shares have seen a turbulent ride in 2025 — rising 30% in the 30 days leading up to its May 28 Bitcoin purchase, only to drop 22% in June following the announcement of an expanded private convertible note offering.
