GameStop’s chief Ryan Cohen said Tuesday that his video game retailer is using crypto as inflation protection and is not trying to imitate others to become a massive owner of digital tokens. “I see it as a hedge against inflation and the global money print, and we see what happens,” Cohen said on CNBC’s “Squawk Box.” In late May, GameStop bought 4,710 Bitcoin, worth over $500 million. The world’s largest cryptocurrency is shedding tears, reaching record highs, exceeding $120,000. Software company MicroStrategy, now known as a strategy, has bought billions of dollars worth of Bitcoin in recent years to become the largest corporate holder of flagship cryptocurrencies. The decision prompted a quick but volatile stock rise in strategy. Cohen said GameStop is not following MicroStrategy’s model. “We have our own strategy, we have a very strong balance sheet, we have over $9 billion in cash and marketable securities,” he said. GameStop’s foray into cryptocurrency shows Cohen’s latest efforts to bring back the struggling brick and mortar stores. Under Cohen’s leadership, GameStop focuses on reducing costs and streamlining the business to ensure the company’s profitability. “We, like our own capital, responsibly deploy that capital, looking for opportunities with limited drawbacks and many advantages,” Cohen said. “When we see those opportunities, we become opportunistic.” Cohen, co-founder of trendy pet food supplier Chewy, bought stocks at GameStop in 2020 and joined the board of directors in 2021 as GameStop became one of the key meme stocks for Covid-inspired trading enthusiasts. His e-commerce experience has created hope for him to modernize brick and mortar retailers. The CEO said GameStop has shifted its dependence on hardware and software to a “critical” focus on trading cards and collectibles. GameStop stocks fell about 24% this year after rising 79% in 2024.
