GameStop's Crypto Gambit: Trading Cards to Accept Digital Coins

CEO Ryan Cohen Spills the Beans on CNBC

Hang onto your hats, crypto fans! GameStop, the legendary video game giant, is diving headfirst into the world of digital currencies. CEO Ryan Cohen, fresh off a CNBC Squawk Box chat, dropped the bombshell: they're seriously eyeing cryptocurrencies for buying those coveted trading cards. Yeah, you heard it right!

Cohen, cool as ever, spilled, "There's an opportunity to buy trading cards and to do so using cryptocurrency." But he's not rushing in blind; he's checking the pulse of demand. "We'll see how much there is on the actual demand side for that kind of product," he mused.

While they haven't picked a favorite crypto yet, Cohen made it clear they're open to any digital coin that catches their eye. It's all about expanding horizons and shaking up their game, moving away from just hardware and into the juicy world of collectibles.

Cohen's not just chasing trends; he's thinking big picture. "The utility of crypto beyond investing is a hedge against inflation," he declared. And the real kicker? "Use crypto within transactions is something that is an opportunity." That's right, folks, GameStop sees digital coins not just as an investment, but a whole new way to pay.

GameStop's Bitcoin Blitz

But wait, there's more! GameStop's already bitten the Bitcoin bug, snagging a whopping 4,710 BTC back in May. That stash was worth over half a billion bucks at the time, and it's all part of a bold new strategy backed by the board.

Now, you might think shareholders would be doing cartwheels, but it's been a rollercoaster. Shares initially popped up 30% before the Bitcoin buy, but then took a nosedive, dropping 22% in June after GameStop upped the ante with a massive $2.25 billion convertible note offering. And guess what? They've got even more cash to play with now, a cool $2.7 billion, ready for more Bitcoin action.

When quizzed if they were just copying Michael Saylor's Bitcoin playbook, Cohen wasn't having it. "We have our own unique strategy," he fired back, emphasizing responsible investing. With a solid $9 billion in cash and marketable securities, GameStop's not messing around. "We will deploy that capital responsibly as I would my own capital," Cohen promised, looking for opportunities with "limited downside and a lot of upside."

So, buckle up, crypto world. GameStop's playing a whole new game, and it's one you won't want to miss!