GameStop CEO says firm’s Bitcoin bet is an inflation hedge, not long-term strategy

GameStop is taking a cautious, independent approach to Bitcoin (BTC) and does not does not intend to emulate the aggressive strategies of other crypto-heavy treasury firms like Strategy, according to CEO Ryan Cohen, who said Tuesday that the company In an appearance on CNBC’s Squawk Box on July 15, 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 source: https://cryptoslate.com/gamestop-ceo-says-firms-bitcoin-bet-is-an-inflation-hedge-not-long-term-strategy/