GameStop Now Considering Accepting Crypto Payments After $500 Million Bitcoin Gamble

GameStop CEO divulged some details about the firm’s Bitcoin ($BTC) strategy in a Tuesday interview. Speaking to CNBC’s Squawk Box, Ryan Cohen said GameStop was not simply copying Michael Saylor’s Bitcoin treasury giant Strategy by scooping up BTC. Instead, the video game retailer will pursue its own “unique strategy,” Cohen stated, pointing to his company’s strong balance sheet with over $9 billion in cash and marketable securities. “We will deploy that capital responsibly as I would my own capital and only look for opportunities where the downside is limited and there’s a lot of upside, So we’ll be opportunistic when we see those opportunities,” he added. Bitcoin As A Hedge Against Inflation GameStop disclosed in May that it had purchased 4,710 Bitcoin for about $500 million in its first-ever $BTC acquisition. The firm reportedly mulled investing in the alpha crypto after Cohen was photographed alongside Strategy Executive Chairman and co-founder Saylor. Cohen viewed that first $500 million investment in Bitcoin as “a hedge against inflation and global money printing.” GameStop recently raised its latest fundraise to $2.25 billion, which will be used for general corporate purposes and “making investments in a manner consistent with GameStop’s Investment Policy,” which includes acquiring Bitcoin as a treasury reserve asset. GameStop Looking Into All Cryptocurrencies Cohen also indicated that the video game retailer is considering adding crypto payments for trading cards and collectibles, but maintained that the implementation of this feature will depend on customer demand. “There’s an opportunity to buy trading cards and to do so using cryptocurrency. So, we’ll see how much there is on the actual demand side for that kind of product,” Cohen postulated. When asked which specific tokens GameStop could accept, Cohen responded, “We’re going to look at all cryptocurrencies.”