The surprising reason GameStop's CEO isn't sweating GTA 6 going digital-only

Ryan Cohen discusses the ramifications of GTA 6 and PS5 moving away from discs

Sony's decision to move away from physical game releases in 2028 has massive ramifications for retailers. You might assume executives and investors at GameStop, the company built around the idea of selling physical video games, would be terrified about a future without discs. Surprisingly, GameStop CEO Ryan Cohen says he's completely unbothered by Sony's business decision. He also insists he's not troubled by Grand Theft Auto 6 skipping a physical release.

In a lengthy interview with Bloomberg host Ed Ludlow, Cohen discusses all things GameStop (and by extension, eBay, which GameStop is attempting to acquire in a $56 billion hostile takeover bid). The full thing is admittedly difficult to watch, as Cohen appears angry as he is grilled about how GameStop will afford an eBay purchase. At one point early on, Cohen rolls his eyes at one of Ludlow's questions.

Buried within the interview is a breakdown of GameStop's business model. Cohen frames it within the context of eBay, and how GameStop stores can act as eCommerce nodes for the digital platform that could provide immediate authentication for collectibles like Pokémon cards. GameStop has partnered with PSA, the company that grades cards to determine their value. PSA is also so backlogged by Pokémon card requests that it has ceased accepting low-tier cards.

Cohen does not reconcile how a company that's already overloaded with work will provide value to eBay, but he does reinforce that the collectibles market is central to GameStop's business strategy. This prompts Ludlow to ask about Grand Theft Auto 6, a game that will not have a physical release. Ludlow asks Cohen if focusing on collectibles is GameStop's way of preparing for a shift in physical video game sales.

"It does not matter at all," Cohen says of GTA 6 skipping a physical release.

"Software today makes up less than 12% of the business and collectibles make more than half of the business," he continues. "It is totally irrelevant."

Cohen never uses the word Pokémon, but it's obvious that the trading card game has become the backbone of the business. Most of GameStop's big moves recently, like its digital pack marketplace, are tied to the hobby. It's also a reflection of the incredible return on investment that is possible when you mark up a product at hundreds of times the MSRP. Notoriously, GameStop cranked up the prices of Pokémon's highly-anticipated 30th anniversary set. Even after slashing the prices due to blowback, the retailer is still selling the Pokémon products at a huge markup.

GameStop also makes bank by selling digital Pokémon card packs. Users who rip valuable digital cards (that represent real-world cards) can sell them back immediately for a smaller percentage of the overall value. In theory, GameStop can sell the same card many times over, without ever handing over the item to anyone. And since there's only a miniscule chance of finding a good card to begin with, GameStop can pocket all the money from failed attempts to hit the Pokémon lottery. GameStop sells digital packs that are worth up to $5,000 each.

This also explains why Cohen is so adamant about purchasing eBay. eBay sells TCG on its platform and also owns TCGPlayer, the leading marketplace for selling cards. If successful, Cohen could create a monopoly around Pokémon TCG as a whole. The data alone that these platforms could provide could be invaluable, never mind actual product sales. For example, GameStop could pinpoint sales trends and purchase stock of any given card to control its pricing before anyone else notices the trend.

In the interview, Cohen says that GameStop made $143 million in the first quarter of 2026. With some napkin math based on Cohen's percentage breakdown, this suggests that GameStop made somewhere around $71 million off collectibles in Q1 2026. The bulk of those sales were presumably Pokémon.

Plus, when physical games do go away, GameStop can start treating old PS5 games like retro games — a growing market that earned an estimated $3.8 billion in 2025.

Still, who knew that the only thing standing between GameStop and bankruptcy was Pikachu?