GameStop CEO teases crypto payments, says Bitcoin buys are inflation hedge

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GameStop CEO Ryan Cohen has teased that the video crippled retailer could commencement accepting crypto for trading paper purchases and said the company’s Bitcoin buys aren’t copying MicroStrategy.

Cohen told CNBC’s Squawk Box connected Tuesday that GameStop shifted tactics to trim reliance connected hardware successful the look of rising costs and absorption much connected trading cards and collectibles, which could 1 time beryllium bought utilizing crypto.

“There’s an accidental to bargain trading cards and to bash truthful utilizing cryptocurrency. So, we’ll spot however overmuch determination is connected the existent request broadside for that benignant of product,” helium said.

“The inferior of crypto beyond investing is simply a hedge against inflation. I deliberation truthful acold that’s been the biggest request for crypto, and so, the quality to really usage crypto wrong transactions is thing that is an accidental and it’s thing that we’re looking at.”

GameStop looking astatine each cryptocurrencies

Cohen said that portion there’s “definitely an opportunity” to really usage crypto successful the space, GameStop hasn’t specifically chosen which token it volition use.

“We’re going to look astatine each cryptocurrencies,” helium added.

GameStop antecedently made forays into the crypto abstraction with a nonfungible token marketplace, which was yet shuttered successful January 2024 owed to concerns astir regulatory uncertainty.

It besides launched a crypto wallet, which it besides shut down successful November 2023 owed to akin concerns implicit regulations.

Bitcoin a hedge against inflation

GameStop joined the increasing fig of companies buying Bitcoin (BTC) erstwhile it acquired 4,710 BTC connected May 28, successful a acquisition worthy implicit $500 cardinal astatine the time.

Cohen said GameStop’s concern successful Bitcoin is simply a “hedge against ostentation and planetary wealth printing,” and investors shouldn’t spot it arsenic different clone of Michael Saylor’s MicroStrategy, which goes by Strategy.

“We person our ain unsocial strategy, and we person a precise beardown equilibrium expanse of implicit $9 cardinal successful currency and marketable securities, and we volition deploy that superior responsibly arsenic I would my ain capital,” helium said.

The institution plans to “look for opportunities wherever the downside broadside is constricted and there’s a batch of upside,” Cohen added.

On June 23, GameStop disclosed it had raised different $450 million arsenic portion of its planned $2.25 cardinal backstage convertible enactment offering for investments, which could see Bitcoin.

Stock hasn’t reacted to crypto outgo tease

In February, shares successful GameStop (GME) saw an 18% leap amid speculation that it was considering investments successful alternate plus classes, including crypto.

At the adjacent of trading connected Tuesday, however, GameStop shares were down implicit 2% and trading astatine $23.22, seeing conscionable a 0.30% bump to $23.29 aft the bell.

GameStop shares person been a mixed container successful 2025, having climbed 30% successful the 30 days earlier the company’s May 28 Bitcoin acquisition but past tanking 22% successful June aft the institution announced an summation successful its planned backstage convertible enactment offering.

Magazine: Bitcoin $200K ‘obvious’ breakout, GameStop’s archetypal BTC buy: Hodler’s Digest, May 25 – 31

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