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.
He characterized the company’s Bitcoin position as opportunistic, adding that future investment decisions will focus on protecting downside risk while seeking meaningful upside.
The company recently raised $2.7 billion through a stock offering, prompting speculation about whether it might expand its Bitcoin holdings. While Cohen acknowledged the capital raise, he gave no specific indication that the firm would allocate more to crypto.
Under Cohen’s leadership, GameStop has refocused on collectibles and trading cards, scaling down physical operations while improving profitability. As part of this strategic shift, the company is evaluating the possibility of accepting crypto as a form of payment for trading card purchases.
Cohen stated that the firm is actively assessing market demand for such a payment option and is open to considering a broad range of digital assets rather than limiting itself to a single token.
GameStop previously operated an NFT marketplace and developed a crypto wallet, though both were shut down between late 2023 and early 2024 due to regulatory uncertainty in the U.S.
While GameStop’s current crypto involvement centers on its Bitcoin holdings, the company’s exploration of digital payments suggests it may continue to integrate blockchain into its broader retail and investment strategy, albeit at its own pace.
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