GameStop CEO Ryan Cohen has teased that the video game retailer could start accepting crypto for trading card purchases and said the company's Bitcoin buys aren't copying MicroStrategy . Cohen told CNBC's 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 .
Cohen said that there's an opportunity to buy trading cards and to do so using cryptocurrency . So, we'll 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 that's been the biggest demand for crypto, and so, the ability to actually use crypto within transactions is something that is an opportunity and it's something that we're looking at .
GameStop looking at all cryptocurrencies . Cohen said that while there's definitely an opportunity to actually use crypto in the space, GameStop hasn't specifically chosen which token it will use . We're going to look at all cryptocurrencies, he added .
GameStop 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 .
GameStop joined the growing number of companies buying Bitcoin when it acquired 4,710 BTC on May 28, in a purchase worth over $500 million at the time . Cohen said GameStop's investment in Bitcoin is a hedge against inflation and global money printing and investors shouldn't see it as another clone of Michael Saylor's MicroStrategy, which goes by Strategy .
GameStop CEO Ryan Cohen said on Tuesday on CNBC's Squawk Box that the company's recent Bitcoin purchase was meant as a hedge against macroeconomic uncertainty . According to his made during a July 15 appearance on CNBC, the company is not making an attempt to follow other corporate treasury approaches like Strategy (previously known as MicroStrategy) .
Cohen explained that GameStop's $512 million Bitcoin purchase in May was designed as a hedge against inflation and monetary debasement . He explained that the Bitcoin purchase was not a signal of long-term accumulation or a pivot into becoming a Bitcoin-native enterprise . Cohen further clarified that GameStop would not follow the model of firms like Strategy, which has built one of the largest Bitcoin treasuries in the world .
Cohen emphasized that GameStop maintains a strong balance sheet, with over $9 billion in cash and marketable securities, and will remain disciplined in how it deploys capital . He characterized the company's Bitcoin position as opportunistic, adding that future investment decisions will focus on protecting downside risk while seeking meaningful upside .