According to company CEO Ryan Cohen, GameStop, a retailer of American Video Game, will consider accepting cryptocurrency as a payment for card purchases.
During his latest appearance on CNBC’s Squawk Box, Cohen said the company uses Crypto’s use, particularly to pay for collectible segments for trading cards.
“There’s an opportunity to buy trading cards and use cryptocurrency to do so,” he says, “we’ll see how much we’re on the real demand side for that kind of product.”
Although GameStop has not yet selected a specific cryptocurrency, Cohen said the company is open to assessing all available options.
Cohen framed the move as part of a strategic push to reduce reliance on gaming hardware and expand to higher margin segments like collectibles. According to him, cryptocurrencies can improve the customer experience by offering new ways of transaction tailoring to emerging consumer finance trends.
“The utility of cryptocurrencies beyond investment is a hedge against inflation,” Cohen said, but added, “the ability to use crypto within a transaction is an opportunity.”
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Cohen’s remarks came as GameStop appeared as one of the latest public companies and adopted Bitcoin as a financial asset.
The video game retailer first bought 4,710 BTC in May, and was worth more than $500 million in revenue at the time, following a change in policy approved by a series of board-approved policies allowing investments in digital assets such as Bitcoin and Stubcoin.
In most cases, traditional companies that add bitcoin to their balance sheets aim to be aggressive with shareholders and often drive stock prices. However, in the case of GameStop, this movement is perceived completely differently.
Initially, GameStop shares rose by more than 30% in the month leading up to the Bitcoin purchase, but fell 22% in June after the company increased the size of the Convertible Note to $2.25 billion.
After exercising additional options, the additional capital, which now totals $2.7 billion, is expected to support further investments, including potential Bitcoin purchases.
When asked if GameStop was copying a Michael Saylor-led Bitcoin playbook, Cohen claimed his company was taking a different approach. The strategy, previously known as MicroStrategy, is widely regarded as a pioneer in the company’s Bitcoin financial model.
“We have a unique strategy,” Cohen emphasized that Gamestop is “responsibly” in its investment decisions, backed by a robust balance sheet that holds over $9 billion in cash and marketable securities.
“We deploy that capital responsibly, just like our own,” Cohen continued, noting that GameStop will focus on opportunities “when the shortcomings are limited and there are many advantages.”
read more: GameStop lifts planned convertible notes, offering from the first $1.75B to $22.5B
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