GameStop’s Crypto Shift: Ryan Cohen Eyes Bitcoin as Hedge and Possible Payment Method

In a rapidly evolving digital economy, GameStop, once the poster child of meme stock mania, is repositioning itself under the leadership of CEO Ryan Cohen.

Most recently, the company made headlines with a substantial $512 million purchase of 4,710 Bitcoins, reinforcing Cohen’s vision of cryptocurrency as a hedge against macroeconomic volatility.

While this move sparked immediate speculation about a deeper foray into digital assets, Cohen clarified that GameStop is charting its own course, distinct from the aggressive strategies adopted by other firms like Strategy.

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Bitcoin: A Defensive Strategy, Not a Crypto Pivot

Speaking on CNBC’s Squawk Box on July 15, Cohen emphasized that GameStop’s Bitcoin acquisition is not an attempt to copy Strategy’s crypto-heavy treasury model.

Rather, it reflects a cautious, calculated response to inflation and global monetary instability.

“I look at it as a hedge against inflation and global money printing, and we’ll see what happens,” Cohen stated.

GameStop’s balance sheet backs up this disciplined approach. With over $9 billion in cash and marketable securities, the company maintains a robust financial foundation, allowing it to invest opportunistically with limited downside risk.

Cohen reiterated that any capital deployment would mirror the prudence he applies to his personal finances.

Cryptocurrency Payments for Collectibles?

Beyond using Bitcoin as a treasury asset, GameStop is also exploring crypto as a payment method, especially in its newly prioritized collectibles and trading cards segment.

Cohen revealed that the company is considering accepting cryptocurrency for trading card purchases, signaling an openness to blockchain integrations that align with consumer demand.

“There is potential for customers to use cryptocurrency for these purchases,” Cohen said, while noting that the actual demand for such services is still being assessed.

This isn’t GameStop’s first dance with blockchain. The company previously launched a non-fungible token (NFT) marketplace and its crypto wallet, though both initiatives were shut down amid regulatory challenges in the U.S.

Despite those setbacks, Cohen’s latest remarks suggest that GameStop remains interested in tapping into the utility side of digital assets, not just their speculative appeal.

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Reshaping GameStop’s Business Model

Since taking over during the retail investing frenzy of 2020–2021, Cohen has been on a mission to transform GameStop from a struggling video game retailer into a leaner, more profitable enterprise.

A major part of this transformation includes shifting away from low-margin hardware sales and focusing on collectibles, a segment he describes as having “high margin potential.”

In fact, GameStop’s collectibles revenue soared 54% year over year in Q1 2025, largely driven by the surging popularity of Pokémon cards.

Citing Circana data, Cohen pointed out that 19% of adults purchased Pokémon cards for themselves in the past six months.

This trend illustrates how nostalgia and hobbyist culture are fueling a broader market beyond children and traditional gamers.

Market Reaction and Investor Skepticism

Despite the strategic shift and bold Bitcoin move, Wall Street remains skeptical.

GameStop’s Q1 revenue dropped 17% year-over-year to $732.4 million, and its stock fell 5% following the earnings release. Overall, GME shares are down 24% in 2025, underperforming expectations.

Some analysts, like Wedbush’s Michael Pachter, have dismissed GameStop’s Bitcoin investment as hype-driven and questioned the company’s reliance on retail investor enthusiasm.

Pachter labeled the crypto move a “greater fools” strategy, arguing that the firm is trading at an unsustainable premium.

Yet, Cohen remains undeterred. The company has recently raised $2.7 billion through stock and private convertible note offerings, including $450 million in June, as part of a broader capital strategy.

Whether any of this new capital will be funneled into more Bitcoin remains uncertain, but Cohen assured investors that future decisions will be guided by risk-managed opportunity, not speculation.

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Conclusion: A Future Steered by Digital Assets?

While GameStop’s stock performance paints a mixed picture, Cohen’s calculated exploration of cryptocurrency integration, whether through treasury allocation or customer-facing payments, shows that the company is serious about evolving with the times.

By focusing on high-margin product categories and selectively embracing digital finance tools, GameStop is working to rebuild its business model from the ground up.

“We will deploy that capital responsibly as I would my own capital,” Cohen repeated. “Only look for opportunities where the downside is limited and there’s a lot of upside.”

For now, GameStop isn’t betting the farm on crypto. But it’s certainly keeping the door open, and its war chest ready.

Stay ahead of the curve. For more in-depth updates on GameStop, Bitcoin investments, and the evolving crypto market, be sure to follow the Bitrue Blog and keep yourself informed.

FAQ

Why did GameStop buy Bitcoin?

GameStop purchased 4,710 BTC as a hedge against inflation and global monetary instability, not as a speculative investment or treasury model like Strategy.

Will GameStop accept cryptocurrency payments?

GameStop is evaluating the possibility of accepting crypto, especially for trading cards and collectibles, depending on market demand.

Is GameStop planning more Bitcoin purchases?

While the company recently raised $450 million, no official statement has confirmed further Bitcoin purchases. CEO Ryan Cohen emphasized that any future investments would be made cautiously and opportunistically.

What happened to GameStop’s NFT and crypto wallet projects?

Both were shut down in late 2023 and early 2024 due to regulatory concerns in the U.S., but the company remains open to exploring blockchain integrations.

How has the stock market reacted to GameStop’s crypto strategy?

Investor reactions have been mixed. Despite a short-term bump, GameStop stock is down 24% in 2025, suggesting skepticism about its crypto initiatives and long-term direction.