GameStop’s CEO Ryan Cohen hinted at a possible move into cryptocurrency payments, particularly for trading card purchases, and emphasized that the company’s Bitcoin acquisition strategy is distinct from MicroStrategy’s.
Speaking on CNBC’s Squawk Box Tuesday, Cohen explained that GameStop has been pivoting away from heavy reliance on gaming hardware due to rising costs. Instead, the company is leaning more into collectibles and trading cards — a category that could eventually be tied to crypto transactions.
“There’s definitely potential for customers to buy trading cards using crypto,” Cohen said. “The real question is how strong the demand will be for that kind of functionality.”
Cohen added that while cryptocurrency is widely viewed as an investment tool, its real value lies in its use as a hedge against inflation. “That’s where crypto has seen the most traction so far. The ability to use it in everyday transactions is an untapped opportunity — one that we’re currently exploring.”
No Specific Coin Chosen Yet
While GameStop is open to integrating cryptocurrency payments, Cohen made it clear that the company hasn’t committed to any particular coin. “We’re evaluating all digital currencies,” he said.
This wouldn’t be GameStop’s first dive into the crypto space. The company previously launched an NFT marketplace, which shut down in January 2024, and a digital wallet that was discontinued in November 2023 — both moves prompted by ongoing regulatory uncertainty.
Bitcoin Purchase: A Strategic Hedge
GameStop made headlines in May when it revealed the purchase of 4,710 Bitcoin, worth over $500 million at the time. Cohen framed the move as a strategic defense against inflation and excessive money printing, distancing the decision from MicroStrategy’s well-known Bitcoin playbook.
“We’re not copying anyone,” he said. “We have a unique roadmap and a healthy balance sheet — over $9 billion in cash and marketable securities. We’ll use our capital wisely, just as I would with my own money.”
He added that GameStop will seek out investments where risks are minimal but the upside is significant.
The company also raised an additional $450 million in June through its ongoing $2.25 billion convertible note offering, part of which could support further Bitcoin investments.
Market Reaction Muted
GameStop’s stock price didn’t show much movement following the crypto announcement. While GME saw an 18% surge back in February amid rumors of alternative asset investments, shares closed down more than 2% on Tuesday, finishing at $23.22. After-hours trading saw only a minor uptick to $23.29.
The stock’s 2025 performance has been volatile — climbing 30% in the month leading up to the Bitcoin buy, only to drop 22% in June after news of the expanded convertible note plan.
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