GameStop CEO Teases Crypto Payments, Says Bitcoin Buys Are Inflation Hedge
Ryan Cohen says GameStop’s $500 million investment in Bitcoin was to act as a “hedge against inflation and global money printing”
GameStop CEO Ryan Cohen has revealed that the company is exploring crypto payments for trading card purchases and defended its recent $500 million Bitcoin investment as a hedge against macroeconomic instability — not an attempt to copy MicroStrategy.
Speaking on CNBC’s Squawk Box on Tuesday, Cohen said the company is pivoting from hardware toward trading cards and collectibles, and hinted that these could eventually be purchased using cryptocurrency.
“There’s an opportunity to buy trading cards and to do so using cryptocurrency,” Cohen said. “We’ll see how much there is on the actual demand side for that kind of product.”
He added that while crypto’s primary utility so far has been as an inflation hedge, GameStop sees potential in using digital assets for real transactions: “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 clarified that the company hasn’t selected a specific token to integrate for payments, but is keeping its options open.
“We’re going to look at all cryptocurrencies,” he said.
GameStop’s previous ventures into Web3 include launching an NFT marketplace and a crypto wallet, both of which were discontinued in 2023 amid regulatory uncertainty.
Bitcoin a Hedge Against Inflation
GameStop joined a growing list of companies with Bitcoin treasuries when it acquired 4,710 BTC on May 28 — a purchase worth over $500 million at the time.
Cohen emphasized that the move wasn’t about imitating MicroStrategy, now known as Strategy. Instead, he framed the Bitcoin allocation as part of a broader capital preservation strategy in an era of money printing and inflation.
“We have our own unique strategy, and we have a very strong balance sheet of over $9 billion in cash and marketable securities,” Cohen said. “We will deploy that capital responsibly as I would my own capital.”
He added that GameStop will seek opportunities “where the downside is limited and there’s a lot of upside.”
The company recently raised an additional $450 million as part of a larger $2.25 billion private convertible note offering, which could potentially be used for further Bitcoin purchases.
Stock Hasn’t Reacted to Crypto Payment Tease
Although GameStop’s stock surged 18% in February on crypto investment rumors, it showed little reaction to Cohen’s latest remarks.
Shares of GameStop (GME) closed Tuesday down over 2% at $23.22, and only edged up 0.30% to $23.29 in after-hours trading.
The stock has seen mixed performance in 2025, gaining 30% in the 30 days leading up to the Bitcoin purchase, only to fall 22% in June following news of its expanded convertible note offering.
