With a change in its business practices, GameStop Corporation GME allows CEO Ryan Cohen the ability to buy and sell stocks and cryptocurrency with the company's cash.
While GameStop hasn't added Bitcoin BTC/USD to its balance sheet yet, the company did help one customer turn a small purchase into a full BTC worth over $60,000.
What Happened: The Cardsmiths Currency Series 1 trading card series, launched in 2022, features influential people to the cryptocurrency sector, memes and artifacts. The set also includes randomly inserted redemption codes that are available to trade for various amounts of Bitcoin, Ethereum ETH/USD, Litecoin LTC/USD and Dogecoin DOGE/USD.
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A GameStop customer found one of the redemption cards previously and upon scratching it off last month, realized he had one of the rarest cards good to redeem for one full Bitcoin. This turned his initial $33 purchase for the pack of cards into a Bitcoin worth more than $60,000.
The consumer shared his findings in a post on Reddit, with the action now going viral thanks to GameStop tweeting about the unique story.
"A GameStop customer found 1 Bitcoin in a trading card pack," GameStop tweeted.
According to the Reddit post, the user said they thought the unscratched redemption card "looked better in the binder."
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Later upon scratching off the card, the card owner thought the redemption card was good for a part of a whole Bitcoin before realizing that it was for one BTC.
"This is mind boggling to me honestly," the owner said.
The user did admit to have previously buying and opening 10 to 12 boxes of the Cardsmiths Currency Series 1 trading cards.
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Why It's Important: The price of Bitcoin was around $16,500 when the series 1 currency trading card set was released, as reported by Cllct.
Another GameStop purchaser also found a Bitcoin redemption card back in March, but the number of unredeemed full Bitcoin cards could be 0 or 1 now, according to the report.
The company behind the Cardsmiths Currency Trading Cards said the set offered the "industry-first cryptocurrency redemption program."
Series 1 of the set is believed to have had five Bitcoin redemption cards. The company's CEO said earlier this year that there were only a couple unredeemed BTC cards according to a user on the Reddit thread, which could suggest that the two pulled at GameStop were the last ones.
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The recent tweet will likely put increased attention on the currency trading cards and also GameStop's recent push into trading cards in stores and online.
GameStop's website currently lists several Cardsmiths items for sale including:
- Series 3 Collectors Box 2-Pack: $36.99
- Series 3 Mega Box (40 Cards): $105.99
- Series 2 Collectors Box 2-Pack: $30.00
- Series 1 Collectors Box 2-Pack: $31.99
While the full Bitcoin redemption cards from series 1 could be completely gone, each series has redemption cards for various amounts of Bitcoin, Ethereum, Litecoin and Dogecoin.
For Series 1, the odds of getting a cryptocurrency redemption code was listed at 1:96 packs.
GME, BTC Price Action: GameStop stock trades at $19.62 versus a 52-week trading range of $9.95 to $64.83. GameStop stock is up 17.7% year-to-date in 2024.
Bitcoin trades at $63,688.18, up 5% over the last 24 hours. Bitcoin has traded between $26,011.47 to $73,750.07 over the last 52-weeks and is up 43.8% year-to-date in 2024.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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