GameStop CEO Teases Crypto Payments for Trading Cards, Defends Bitcoin Investment Strategy

GameStop CEO Ryan Cohen hinted at the possibility of the video game retailer allowing customers to use cryptocurrency to purchase trading cards in the future. Speaking on CNBC’s Squawk Box on Tuesday, Cohen explained that the company is shifting its strategy to reduce reliance on hardware, particularly in light of rising costs, and focus more on collectibles and trading cards.

“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,” Cohen said, suggesting that GameStop is closely watching the market for this type of transaction.

While GameStop’s pivot towards collectibles marks a new direction, Cohen also acknowledged that crypto offers utility beyond investing, noting it as a potential hedge against inflation.

“The utility of crypto beyond investing is a hedge against inflation. I think so far that’s been the biggest demand for crypto,” Cohen added, hinting at an expanded role for crypto in GameStop’s future.
Exploring All Cryptocurrencies

Despite teasing crypto payments for trading cards, Cohen emphasized that GameStop has yet to decide which specific cryptocurrency it will accept.

“We’re going to look at all cryptocurrencies,” he said, suggesting that the company is still exploring options and could choose from a wide array of tokens.

GameStop had previously ventured into the crypto space with the launch of an NFT marketplace. However, the platform was shut down in January 2024 due to concerns around regulatory uncertainty. Similarly, the company’s crypto wallet was discontinued in November 2023 for similar reasons.

GameStop made headlines earlier this year when it purchased 4,710 BTC for over $500 million in late May. This move joined the ranks of many other companies adding Bitcoin to their balance sheets as a potential store of value.

However, Cohen is quick to point out that GameStop’s investment in Bitcoin should not be seen as simply copying MicroStrategy, the business intelligence firm led by Michael Saylor, which has made a reputation for its aggressive Bitcoin strategy.

“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, underscoring that GameStop is looking for opportunities with limited downside and significant upside potential.

The company’s goal is to deploy its capital responsibly, as Cohen added, stressing that GameStop’s approach to crypto investments is distinct from that of other companies.

The Stock Market Reaction: No Immediate Impact

Despite the intriguing potential for crypto payments and GameStop’s growing presence in the crypto market, the company’s stock price has not seen significant movement in response to Cohen’s latest comments.

In February, GameStop shares experienced an 18% jump amid speculation that the company might start investing in alternative asset classes, including cryptocurrency. However, after Cohen’s recent announcement, GameStop’s stock price saw a modest 0.30% bump after hours, closing at $23.29.

The stock has been on a rollercoaster ride in 2025, rising 30% in the weeks leading up to its Bitcoin purchase, only to drop 22% in June following the company’s decision to increase its private convertible note offering.

GameStop’s move into the crypto space continues to evolve, with Ryan Cohen at the helm guiding the company toward more innovative ways to embrace digital currencies. Whether this leads to crypto payments for trading cards or more strategic Bitcoin investments, GameStop’s evolving approach is sure to keep its investors and the broader market on edge.

While stock market reactions have been mixed so far, it remains to be seen if the company can capitalize on the growing interest in cryptocurrencies and digital assets. As the landscape changes, GameStop may just find its next big opportunity in the rapidly shifting world of crypto.