New York – GameStop may be preparing for a deeper push into the world of cryptocurrency. CEO Ryan Cohen hinted on CNBC’s Squawk Box Tuesday that the video game retailer is exploring the option of accepting crypto payments for trading card purchases, while reaffirming that the company’s Bitcoin investment strategy is driven by inflation concerns—not imitation of other corporate players like MicroStrategy.
Shifting Strategy Amid Rising Costs
As rising operational costs continue to pressure traditional revenue streams, Cohen revealed that GameStop has adjusted its strategy to reduce dependence on gaming hardware and focus more heavily on trading cards and collectibles—a market with increasing consumer interest and potential for digital transformation.
“There’s an opportunity to buy trading cards using cryptocurrency,” Cohen said. “We’ll see how much demand there actually is for that kind of product.”
Exploring All Crypto Options, No Token Selected Yet
While the company has not committed to a specific cryptocurrency for transactions, Cohen made it clear that all digital assets are on the table. “We’re going to look at all cryptocurrencies,” he stated, suggesting that the door remains open for future integrations depending on consumer demand and regulatory clarity.
This isn’t GameStop’s first brush with crypto. The company previously launched a non-fungible token (NFT) marketplace, which was shut down in January 2024, citing concerns over regulatory headwinds. A crypto wallet service met a similar fate in November 2023 for the same reasons. Despite those setbacks, Cohen’s latest comments indicate that GameStop hasn’t closed the book on crypto—just adjusted its approach.
Bitcoin Investment Not a MicroStrategy Imitation
GameStop made headlines on May 28 when it disclosed the purchase of 4,710 Bitcoin (BTC)—a move worth over $500 million at the time. Cohen pushed back on comparisons to Michael Saylor’s MicroStrategy, a company known for aggressively accumulating Bitcoin as part of its corporate strategy.
“We have our own unique strategy,” Cohen asserted. “We’re not copying anyone. We have a very strong balance sheet—over $9 billion in cash and marketable securities—and we’ll deploy that capital responsibly, just like I would with my own money.”
He emphasized that Bitcoin, in GameStop’s view, serves primarily as a hedge against inflation and unchecked global money printing. It’s a long-term store of value, not just a speculative bet.
Fresh Capital May Fuel More Crypto Investments
Cohen’s comments come just weeks after GameStop announced it had raised $450 million as part of a $2.25 billion private convertible note offering. The company has signaled that some of these funds could be used to make further Bitcoin purchases or explore other digital asset investments.
GameStop’s financial posture appears robust, and the company is positioning itself to seize opportunities where risks are limited but upside is significant, Cohen noted.
Market Reaction Muted Despite Bold Statements
Despite Cohen’s crypto-forward remarks, Wall Street’s response remained largely subdued. GameStop’s stock (GME) dipped more than 2% on Tuesday, closing at $23.22. Following his CNBC appearance, shares nudged up only slightly after hours to $23.29, a 0.30% increase.
This comes in contrast to February, when speculation around the company’s interest in alternative assets, including crypto, sent shares soaring by 18%.
The Road Ahead
As GameStop continues its transformation from a traditional video game retailer into a diversified collectibles and digital asset company, all eyes will be on how it navigates the complex and often unpredictable crypto landscape. Whether the company will successfully integrate crypto payments and expand its Bitcoin holdings remains to be seen—but for now, Cohen has made one thing clear: GameStop sees blockchain and crypto as more than a trend—they’re part of the future.
