GameStop CEO Ryan Cohen has teased that the video game retailer could start accepting crypto for trading card purchases and said the companys Bitcoin buys arent copying MicroStrategy.Cohen told CNBCs 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.Theres an opportunity to buy trading cards and to do so using cryptocurrency.
So, well 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 thats been the biggest demand for crypto, and so, the ability to actually use crypto within transactions is something that is an opportunity and its something that were looking at.GameStop looking at all cryptocurrenciesCohen said that while theres definitely an opportunity to actually use crypto in the space, GameStop hasnt specifically chosen which token it will use.Were going to look at all cryptocurrencies, he added.GameStop CEO Ryan Cohen teased that the video game retailer is looking at all crypto as part of a possible venture to accept it as a form of payment.
Source: CNBCGameStop 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 inflationGameStop 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 GameStops investment in Bitcoin is a hedge against inflation and global money printing, and investors shouldnt see it as another clone of Michael Saylors 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 theres a lot of upside, Cohen added.Related: GameStop buying Bitcoin would bake the noodles of TradFi: Swan execOn 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 hasnt reacted to crypto payment teaseIn 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 stock hasnt reacted to CEO Ryan Cohens crypto payment tease.
Source: Google FinanceGameStop shares have been a mixed bag in 2025, having climbed 30% in the 30 days before the companys May 28 Bitcoin purchase but then tanking 22% in June after the company announced an increase in its planned private convertible note offering.Magazine: Bitcoin $200K obvious breakout, GameStops first BTC buy: Hodlers Digest, May 25 31