GameStop takes a cautious and independent approach to Bitcoin (BTC), but it is not intending to emulate the aggressive strategies of other cryptocurrency financing companies, such as strategy.
Appearing in 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 financial decline.
He explained that Bitcoin purchases are not a pivot to become a Bitcoin native company, even a signal of long-term accumulation.
Cohen further revealed that GameStop will not follow a company’s model like the strategy that built one of the world’s largest Bitcoin Treasury.
Cohen emphasized that GameStop maintains a strong balance sheet with over $9 billion in cash and marketable securities, and maintains discipline in how it deploys capital.
He characterized the company’s Bitcoin position as opportunistic, adding that future investment decisions will focus on protecting negative risks while seeking meaningful benefits.
The company recently raised $2.7 billion through its stock offering, prompting speculation about whether it could potentially expand its holdings of Bitcoin. Cohen granted a raise in capital, but he gave no specific indication that the company would allocate more to codes.
Under Cohen’s leadership, GameStop refocused collectibles and trading cards, reducing body manipulation while increasing profitability. As part of this strategic shift, the company is evaluating its likelihood of accepting Crypto as a form of payment for trading card purchases.
Cohen said the company is actively assessing market demand for such payment options and could consider a wide range of digital assets rather than limiting it to a single token.
GameStop previously operated the NFT market and developed crypto wallets, but both were closed between late 2023 and early 2024 due to uncertainty in US regulatory authorities.
While Gamestop’s current cryptographic involvement is concentrated on Bitcoin Holding, the company’s digital payments research suggests that, albeit at its own pace, it may continue to integrate blockchain into a broader retail and investment strategy.
