Crypto Comeback? GameStop Revisits Blockchain Strategy
GameStop, a leading video game and trading card store, is exploring the acceptance of cryptocurrency payments in its trading card sales, as revealed by CEO Ryan Cohen in a July 15, 2025, CNBC Squawk Box interview.
Cohen stated that no final decision has been reached, with the company assessing a number of digital assets to respond to customer demand.
This decision would make GameStop one of the first major retailers to adopt crypto payments, especially for its high-demand trading card market, which appeals to a tech-savvy audience. Community discussions show a growing interest in this development.
The company’s interest in crypto follows previous experiments, including an NFT marketplace and crypto wallet launched between late 2023 and early 2024. These experiments were discontinued due to United States regulatory uncertainties, a proof of the complexities of integrating digital assets into retail operations.
Cohen’s measured approach resonates with a balance between innovation and regulatory compliance, with no specific cryptocurrency yet chosen for payments. This exploration is in line with GameStop’s strategy to remain competitive in a digital-first retail environment while addressing regulatory challenges.
Bitcoin as GameStop’s Inflation Defense
On May 28, 2025, GameStop acquired 4,710 Bitcoin for approximately $512.6 million. Cohen described the purchase as a hedge against inflation and global currency devaluation, inspired by economic uncertainty.
Unlike Strategy’s long-term Bitcoin accumulation strategy, GameStop’s investment is a defensive measure, not a fundamental shift, as Cohen emphasized in the Squawk Box interview. A July 15, 2025, X post quoted Cohen stating, “Bitcoin is ‘a hedge against inflation and global money printing,’” reinforcing the rationale.
GameStop’s financial position supports this strategy, with cash and marketable securities estimated at between $4.6 and $4.8 billion in February 2025. Although Cohen recently claimed a figure exceeding $9 billion, this remains unverified in SEC filings but is plausible when including marketable securities.
In March 2025, the company raised $1.48 billion in net proceeds through a convertible note offering, according to an SEC filing, with speculation that some funds could back further Bitcoin purchases, though no plans have been made public.
Can GameStop’s Bitcoin Bet Attract a New Generation of Customers?
GameStop’s stock has experienced volatility following its cryptocurrency plans. The stocks saw a 10.9% drop on May 28, 2025, following the Bitcoin purchase, and a 23% decline in March after a $1.3–$1.5 billion bond announcement. The company’s stock presently trades at $23.22 as of July 16, 2025.
GameStop stock (Source: Google Finance)
Earlier in 2025, shares gained 30% year-to-date before May but fell 22% in June, a sign of investor uncertainty.
GameStop’s crypto payment plans are dependent on United States regulatory clarity, given past setbacks with its NFT and wallet initiatives. If implemented, crypto payments could attract younger, digital-native customers, while Bitcoin holdings provide a buffer against economic volatility.
