TL;DR<\/p>\n
GameStop explores crypto payments for trading cards, focusing on customer demand and blockchain utility.<\/span> GameStop is looking at crypto as a possible payment method for trading cards and collectibles. CEO Ryan Cohen said the retailer is open to the idea, depending on customer demand. He told CNBC\u2019s Squawk Box that the company wants to reduce its dependence on hardware and focus more on collectibles.<\/span><\/p>\n \u201cThere\u2019s an opportunity to buy trading cards and to do so using cryptocurrency. So, we\u2019ll see how much there is on the actual demand side for that kind of product,\u201d Cohen <\/span>said<\/span><\/a>.\u00a0<\/span><\/p>\n When asked which coins might be accepted, he responded,\u00a0<\/span><\/p>\n \u201cWe\u2019re going to look at all cryptocurrencies.\u201d<\/span><\/p>\n GameStop <\/span>bought<\/span><\/a> 4,710 Bitcoin in late May, spending over $500 million. Cohen said the decision was about protecting value during a time of rising inflation and currency concerns.\u00a0<\/span><\/p>\n \u201cThe utility of crypto beyond investing is a hedge against inflation,\u201d he said.<\/span><\/p>\n He also pushed back against the idea that GameStop is following the same path as Strategy. \u201cWe have our own unique strategy,\u201d he said. Cohen pointed out that GameStop holds more than $9 billion in cash and marketable securities, and will be careful with how that money is used.<\/span><\/p>\n This is not GameStop\u2019s first step into crypto. In 2022, it <\/span>launched<\/span><\/a> both a crypto wallet and an NFT marketplace. Both were later closed due to unclear rules in the U.S. market. The wallet shut down in November, and the NFT platform closed in January.<\/span><\/p>\n Despite those setbacks, the company is still watching the space closely. Cohen\u2019s recent comments suggest a more careful and measured approach going forward.<\/span><\/p>\n The stock didn\u2019t move much after Cohen\u2019s comments. It dropped by 2% during the day and rose only slightly after the market closed. GameStop shares are currently trading at $23.20. In May, GameStop\u2019s stock had jumped by 30% ahead of the Bitcoin buy but fell again in June after a new fundraising plan was announced.<\/span><\/p>\n <\/a>Source: Google Finance<\/a><\/p>\n Meanwhile, the company <\/span>raised<\/span><\/a> $450 million as part of a planned $2.25 billion private offering. Some of those funds could be used for future digital asset investments, depending on market and legal developments.<\/span><\/p>\n The post GameStop Eyes Crypto Payments After $500M Bitcoin Bet<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" TL;DR GameStop explores crypto payments for trading cards, focusing on customer demand and blockchain utility. CEO Cohen says Bitcoin buy was a hedge against inflation, not a copy of Strategy. GameStop\u2019s crypto push follows past NFT, wallet attempts; stock remains flat after new comments. Company Considers Crypto for Collectibles GameStop is looking at crypto as […]<\/p>\n","protected":false},"author":0,"featured_media":81417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-81416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/81416"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=81416"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/81416\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/81417"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=81416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=81416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=81416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nCEO Cohen says Bitcoin buy was a hedge against inflation, not a copy of Strategy.<\/span>
\nGameStop\u2019s crypto push follows past NFT, wallet attempts; stock remains flat after new comments.<\/span><\/p>\nCompany Considers Crypto for Collectibles<\/h2>\n
Bitcoin Seen as Protection, Not a Copy of Others<\/h2>\n
Share Price Remains Flat After Announcement<\/h2>\n
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