Key Takeaways
- GameStop CEO Ryan Cohen recently discussed the retailer’s “Staplegate” charity auction.
- He said the winning bidder will receive a pair of his underwear.
- Cohen also hinted that GameStop may consider accepting crypto payments.
In an appearance on CNBC’s Squawk Box, GameStop CEO Ryan Cohen discussed the company’s “Staplegate” charity auction, joking that he will throw in a pair of his underwear for the winning bidder.
He also hinted at a potential move into crypto payments, noting that cryptocurrency had potential utility for the retailer’s collectibles business.
GameStop Staplegate Charity Auction
The GameStop 2025 Staplegate Charity Auction includes “authentic relics” from an incident that occurred during the midnight launch of the Nintendo Switch 2 on June 5.
At GameStop’s Staten Island, New York location, employees stapled receipts to new Switch 2 boxes, accidentally damaging some screens.
The company offered refunds to affected customers, but also managed to turn the event into a publicity stunt.
The eBay listing includes the stapler in question, the staple, the first damaged box and the console, which has been refurbished. At the time of writing, with around 8 hours left of the auction, the highest bid was $249,900.
Commenting on the stapled Nintendo, Cohen remarked that it had “turned into a collectible.”
“I originally said, six figures, I’ll throw in my underwear,” he added. “We’ve now surpassed that already. Now, if we get the seven figures, I’ll personally deliver the underwear in Miami, and we’ll take a trip to McDonald’s together.”
Ryan Cohen on Bitcoin: “We Have Our Own Strategy”
Asked about GameStop’s Bitcoin treasury strategy, Cohen denied the charge that he was looking to turn the firm into a “mini MicroStrategy.”
“We have our own strategy,” he insisted, emphasizing that BTC is just one asset of many on GameStop’s balance sheet.
Rather than judging GameStop on its treasury assets, he suggested investors should consider how the business has transformed in recent years.
“We are a much more profitable business,” he noted, adding that GameStop has evolved “from a reliance on hardware and software to a significant focus on trading cards and collectibles generally
GameStop “Looking at” Crypto Payments
Beyond acquiring Bitcoin as a treasury asset, Cohen said GameStop is exploring “the utility of crypto beyond investing as a hedge against inflation.”
For example, “there’s an opportunity to buy trading cards […] using cryptocurrency,” he said.
Although he didn’t make any firm commitments, he acknowledged that crypto payments are “something that we’re looking at.”
When asked whether GameStop would consider stablecoins or Bitcoin payments, Cohen said: “We’re going to look at all cryptocurrencies.”
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
