Ryan Cohen Says GameStop Has Its 'Unique Strategy' And Isn't A 'Mini' Version Of Michael Saylor's Bitcoin Whale Company: 'Will Deploy Capital Responsibly'

GameStop Corp. GME CEO Ryan Cohen said Tuesday the company does not intend to emulate Strategy Inc.’s MSTR approach, emphasizing its unique strategy and responsible capital deployment.

What Happened: During an interview with CNBC, Cohen was asked if investors should see GameStop as a “mini MicroStrategy,” referring to the Michael Saylor-founded firm that is the world leader in Bitcoin BTC/USD purchases.

“No, I mean, we have our own unique strategy,” Cohen responded. “We have a very strong balance sheet, over $9 billion of cash and marketable securities, and we will deploy that capital responsibly.”

He added that the firm will only look for opportunities where the downside is limited and the upside potential is huge.

Cohen called Bitcoin a “hedge against inflation and global money printing,” but sees a future opportunity where cryptocurrencies can be widely used in transactions as well.

Why It Matters: GameStop adopted Bitcoin as a treasury reserve asset earlier this year and purchased 4,710 BTC subsequently.

But the approach has come under scrutiny. The stock took a sharp hit last month after GameStop announced plans to issue $1.75 billion in convertible senior notes. Analysts criticized that move as financial engineering to fund more Bitcoin purchases while distracting from struggling retail operations.

Shares of GME were up 0.30% in after-hours trading after closing 2.03% lower at $23.22 during Tuesday’s regular trading session, according to data from Benzinga Pro. Year-to-date, the stock has plunged 25.91%.

GME demonstrated a very high Growth score as of this writing. But does it rank among the top ten stocks for Growth? Visit Benzinga Edge Stock Rankings to find out.