GameStop Considering Crypto Payments for Trading Cards
GameStop CEO Ryan Cohen announced plans for the company to potentially accept cryptocurrency for trading card purchases, emphasizing a shift away from hardware due to rising costs. Cohen highlighted the opportunity for crypto transactions in trading cards, noting that GameStop is exploring all cryptocurrencies without committing to a specific token. The company previously ventured into crypto with a nonfungible token marketplace and a crypto wallet, both of which were shut down due to regulatory concerns. GameStop acquired 4,710 Bitcoin as a hedge against inflation, asserting its investment strategy is distinct from MicroStrategy's. The company raised $450 million as part of a $2.25 billion private convertible note offering for investments, including Bitcoin. Despite speculation boosting shares earlier, GameStop's stock fell over 2% following the announcement.
