GameStop’s CEO, Ryan Cohen, has stated that GameStop might let its customers use cryptocurrency to buy trading cards and collectibles. This is part of a plan to focus less on hardware, which is getting expensive, and more on other products. The company is reviewing consumer interest in paying with crypto and looking at all types of cryptocurrencies, not just Bitcoin.
In an interview with CNBC, Cohen explained that crypto usage could help protect against rising prices and global money issues. As part of its unique plan, GameStop already bought $500 million worth of Bitcoin in May. With $9 billion in cash and investments, the company wants to make smart financial choices.
GameStop has previously dabbled with crypto via an NFT marketplace and a crypto wallet. But both were shut down by early 2024 because of unclear regulations. Recently, the company raised $450 million through a private convertible note offering. This was a part of a planned $2.25 billion raise for investments, potentially including more Bitcoin.
Despite the crypto payment tease, GameStop’s stock (GME) showed little reaction, closing Tuesday down over 2% at $23.22, with a modest 0.30% after-hours bump to $23.29. GameStop’s stock price jumped 18% in February because people thought the company might invest in cryptocurrency.
It rose another 30% in the month before GameStop bought Bitcoin on May 28. However, in June, the stock dropped 22% after GameStop said it would raise more money through a private note offering. The company is still figuring out its place in the crypto and collectibles market.
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