According to Cointelegraph, GameStop CEO Ryan Cohen has hinted at the possibility of the video game retailer accepting cryptocurrency for trading card purchases. In an interview with CNBC's Squawk Box, Cohen discussed GameStop's strategic shift from hardware to trading cards and collectibles, suggesting that these items could eventually be bought using digital currencies. He emphasized the potential demand for such a payment method, noting that the utility of cryptocurrency extends beyond investment, serving as a hedge against inflation. Cohen stated that GameStop is exploring the use of various cryptocurrencies but has not yet decided on a specific token.
GameStop has previously ventured into the crypto space, launching a nonfungible token marketplace and a crypto wallet, both of which were shut down due to regulatory concerns. Despite these setbacks, the company remains interested in the potential of cryptocurrency transactions. Cohen highlighted GameStop's acquisition of 4,710 Bitcoin (BTC) on May 28, valued at over $500 million at the time, as part of its strategy to hedge against inflation and global money printing. He clarified that this move should not be seen as mimicking MicroStrategy's approach, asserting that GameStop has its own unique strategy backed by a strong balance sheet of over $9 billion in cash and marketable securities.
GameStop's stock performance has been volatile in 2025. In February, speculation about potential investments in alternative asset classes, including crypto, led to an 18% increase in GameStop shares. However, following the announcement of an increase in its planned private convertible note offering, the stock experienced a 22% decline in June. Despite the recent tease about accepting cryptocurrency payments, GameStop shares closed down over 2% on Tuesday, trading at $23.22, with a slight post-market increase to $23.29. The company's stock has seen mixed results, climbing 30% in the 30 days leading up to its Bitcoin purchase but facing challenges thereafter.
