GameStop CEO Ryan Cohen clarified the company's cryptocurrency strategy during a July 15 CNBC interview, revealing its $500 million Bitcoin purchase was solely an inflation hedge rather than emulating corporate treasury strategies like Strategy (formerly MicroStrategy). The retailer acquired 4,710 BTC in late May as protection against "global money printing," but Cohen emphasized this represents only a fraction of GameStop's $9 billion cash reserves.
The CEO outlined a disciplined capital approach, stating investments would target opportunities with "limited downside and significant upside." This follows GameStop's recent $2.7 billion convertible note offering, which expanded from an initial $2.25 billion target. The notes carry a 32.5% premium conversion price at $28.91/share amid stock volatility that saw shares drop 24% last week.
Cohen simultaneously signaled potential crypto adoption in core operations, revealing GameStop is exploring cryptocurrency payments specifically for its growing trading cards and collectibles segment. When pressed on which coins might be accepted, Cohen stated "We're going to look at all cryptocurrencies," though he provided no implementation timeline. This marks a strategic pivot from GameStop's abandoned 2023 NFT marketplace and crypto wallet projects, which were shelved due to regulatory concerns.