GameStop’s CEO Ryan Cohen is signalling a measured but determined approach to cryptocurrency, distancing the company’s strategy from others that have aggressively bulked up their Bitcoin holdings.
On CNBC’s Squawk Box, Cohen said the firm isn’t aiming to mimic crypto-heavy firms like MicroStrategy but will instead pursue a “unique strategy” grounded in the company’s strong financial position.
The retailer’s Bitcoin treasury began in May 2025 with a $512 million purchase of 4,710 BTC.
Cohen described the investment as “a hedge against inflation and global money printing,” but he added cautiously, “We’ll see what happens.”
With over $9 billion in cash and marketable securities, GameStop is well-positioned to invest responsibly, seeking opportunities where “the downside is limited and there’s a lot of upside.”
Beyond Bitcoin investment, Cohen hinted at a potential expansion of GameStop’s crypto use by allowing customers to buy trading cards and collectibles with cryptocurrency.
He said,
“There’s an opportunity to buy trading cards, and do so using cryptocurrency. We’ll see how much there is on the actual demand side for that kind of product.”
When asked which coins might be accepted, Cohen responded by showing openness to a broad range of digital assets rather than tying the company to a single token.
“We’re going to look at all cryptocurrencies.”
This move aligns with the retailer’s shift away from hardware, focusing instead on trading cards and collectibles—areas that have driven increased profitability and a leaner store footprint.
GameStop’s history with crypto is not without bumps.
The company previously launched an NFT marketplace and its own crypto wallet, both of which were discontinued between late 2023 and early 2024 amid regulatory uncertainty in the United States.
Cohen cited these challenges when explaining the closures but noted the firm’s ongoing commitment to exploring blockchain and cryptocurrency opportunities.
Recently, GameStop raised its private convertible note offering target from $2.25 billion to $2.7 billion.
The additional capital could be used for further Bitcoin purchases or other strategic investments.
However, Cohen emphasised fiscal prudence:
“We will deploy that capital responsibly as I would my own capital.”
He added that the company remains “opportunistic” but cautious.
The market responded mildly to the crypto payment announcement, with GameStop shares slipping 2% to 23.22 on the day.
This contrasts with earlier volatility — the stock surged 30% in the month before the Bitcoin buy, but fell 22% after the fundraising news.
While some firms aggressively accumulate Bitcoin as their core treasury asset, GameStop appears to be taking a balanced path, mixing investment with practical applications like crypto payments for niche products.
This could reflect a broader trend of companies seeking to integrate digital assets in ways that complement their core business rather than letting crypto define their identity.
GameStop’s cautious but open stance on cryptocurrency leaves open the question: will retail giants find success by carefully blending innovation with traditional business sense, or will more aggressive crypto plays win the day?
Whatever the outcome, GameStop’s approach adds a thoughtful chapter to how mainstream companies might navigate the evolving crypto landscape.
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