GameStop Eyes Crypto Payments After $500M Bitcoin Buy, Moves Beyond Hardware Sales
GameStop is preparing to re-enter the crypto space with a bold new strategy—accepting cryptocurrency payments—as it seeks to diversify beyond traditional hardware retail. Just weeks after a $500 million Bitcoin (BTC) investment, the gaming retailer is considering enabling crypto transactions for its trading card and collectible offerings.
Crypto Payments on the Horizon
In a recent CNBC interview, GameStop CEO Ryan Cohen hinted at a strategic pivot that would allow customers to use cryptocurrencies, including but not limited to Bitcoin, for purchases.
“There’s an opportunity to buy trading cards and to do so using cryptocurrency,” Cohen said, adding that the company is exploring demand-side interest before launching such a payment rail.
This shift comes as GameStop looks to reduce its reliance on hardware sales, which have been increasingly squeezed by rising costs. The move toward crypto payments signals a long-term bet on the digital asset ecosystem, especially as a response to inflation and fiat devaluation.
Bitcoin as a Hedge, Not a Copycat Strategy
Cohen emphasized that GameStop’s recent $500 million Bitcoin purchase wasn’t an attempt to mimic the playbook of Strategy (formerly MicroStrategy), which pioneered large-scale corporate Bitcoin buys. Instead, Cohen framed the investment as a safeguard against macroeconomic pressures.
“We’re not copying anyone,” Cohen stated. “We have over $9 billion in cash and marketable securities and are deploying capital responsibly. This is simply a hedge against inflation and money printing.”
Still, the similarities are hard to ignore. Like Strategy, GameStop raised capital through zero-coupon convertible bonds—raising $2.7 billion in total during a mid-June 2025 offering. The recent BTC acquisition was reportedly funded through a $450 million tranche of that bond issuance, with the debt instruments maturing in 2032 and convertible to stock.
Building Its Bitcoin Treasury
GameStop now holds approximately 4,710 BTC, worth around $559 million at current prices. This makes it the 14th largest public holder of Bitcoin, positioned between Pompliano-backed ProCap and biotech firm Semler Scientific.
As crypto adoption across retailers grows, GameStop’s foray into digital payments could reignite its relevance—not just as a meme stock, but as a forward-thinking player in the evolving financial landscape.
Whether this marks the beginning of a broader transformation or a limited experiment remains to be seen, but GameStop’s return to crypto is now firmly underway.