Hasbro, Inc. (HAS)
Published 2026-03-15 โข by moneylemma
Toys & GamesIPLicensingGaming
Thesis Summary
Hasbro leverages strong IP (Magic: The Gathering) to participate in the formalization and financialization of card collecting, moving from a casual hobby toward a managed, high-margin asset class.
Quantitative Overlay
Detailed Deep Dive
The transformation of the card collecting hobby into a bonafide asset class was a conscious effort that began with intellectual property (IP) owners. That includes the major sport leagues, Hasbro (owner of Magic the Gathering), Shueisha (Yu-Gi-Oh) and The Pokemon Company. Every new card sold is sanctioned via licenses granted by the IP owners. These IP owners paid close attention as card collecting became more and more popular throughout the 2000s. Once an afterthought, IP owners have come to appreciate trading cards, particularly the collectibility of trading cards, as serious media assets and avenues for fan engagement.