TLDR
- GameStop CEO Ryan Cohen confirmed the company’s $500 million Bitcoin investment serves as an inflation hedge
- GameStop is exploring cryptocurrency payments for trading cards and collectibles, considering all cryptocurrencies
- The company won’t copy MicroStrategy’s approach, maintaining its own strategy with $9 billion cash balance
- GameStop previously shut down its NFT marketplace and crypto wallet in 2023-2024 due to regulatory concerns
- GameStop stock dropped 2% on Tuesday following Cohen’s crypto payment announcement
GameStop CEO Ryan Cohen provided new details about the company’s Bitcoin holdings and future cryptocurrency plans during a Tuesday interview on CNBC’s Squawk Box. The video game retailer purchased 4,710 Bitcoin worth over $500 million in May 2025.
Cohen explained that GameStop’s Bitcoin investment functions as a hedge against inflation and global money printing. The CEO made it clear that the company won’t follow the same path as other Bitcoin treasury companies like MicroStrategy.
The gaming retailer has shifted focus toward trading cards and collectibles under Cohen’s leadership. This strategic pivot aims to reduce reliance on hardware sales as costs continue rising.
Cohen disclosed that GameStop is exploring cryptocurrency payments for trading card purchases. The company hasn’t selected specific cryptocurrencies yet but plans to evaluate all options.
“There’s an opportunity to buy trading cards and to do so using cryptocurrency,” Cohen stated. “We’ll see how much there is on the actual demand side for that kind of product.”
The CEO noted that GameStop will examine all cryptocurrencies when implementing payment systems. This approach differs from companies that focus on single digital assets.
Cohen emphasized the utility of crypto beyond investing. He sees crypto as a hedge against inflation and believes this has been the biggest demand driver for digital assets.
Previous Crypto Ventures
GameStop previously operated an NFT marketplace that closed in January 2024. The company also launched a crypto wallet that shut down in November 2023.
Both ventures ended due to regulatory uncertainty in the United States. Cohen cited these concerns as primary factors in the closures.
The company’s current Bitcoin strategy represents a return to crypto after these setbacks. Cohen’s meeting with MicroStrategy’s Michael Saylor in March sparked initial speculation about GameStop’s Bitcoin plans.
GameStop recently increased its fundraising target to $2.7 billion through convertible notes. The company could use these funds for additional Bitcoin purchases under its investment strategy.
Cohen emphasized that GameStop maintains a strong balance sheet with over $9 billion in cash and marketable securities. The company will deploy capital responsibly and seek opportunities with limited downside risk.
“We have our own unique strategy, and we have a very strong balance sheet,” Cohen said. “We will deploy that capital responsibly as I would my own capital.”
Market Response
GameStop shares closed down 2% at $23.22 on Tuesday following Cohen’s crypto payment announcement. The stock saw minimal after-hours movement, gaining just 0.30% to $23.29.
The muted market reaction contrasts with February’s 18% stock jump when crypto investment speculation first emerged. GameStop shares have experienced volatility throughout 2025.
The stock climbed 30% in the 30 days before the May Bitcoin purchase announcement. However, shares dropped 22% in June after the company announced expanded fundraising plans.
Cohen’s comments suggest GameStop will take a measured approach to future crypto investments. The company plans to remain opportunistic while maintaining fiscal responsibility.
The CEO plans to “look for opportunities where the downside is limited and there’s a lot of upside.” This strategy reflects Cohen’s cautious approach to capital deployment.
On 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.
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