GameStop CEO Ryan Cohen has received a proposal from Strive Asset Management to convert $5 million in cash reserves into Bitcoin.
In a letter signed by Strive CEO Matt Cole, the firm said suggested the move would turn the video game retailer into the “premier Bitcoin treasury company in the gaming sector.”
Strive argues that this shift would not only enhance GameStop’s financial position but also align the retailer with the growing adoption of Bitcoin. The investment firm believes that holding Bitcoin instead of cash would protect against inflation and position GameStop as a forward-thinking player in the financial and gaming sectors.
“Among digital assets, Bitcoin has uniquely established itself as “sound money” and “digital gold”—offering scarcity, global recognition, and a track record of resilience,” Strive stated.
“By committing exclusively to Bitcoin, GameStop strengthens its image as a disciplined, forward-looking enterprise, raising its appeal to institutional investors. This focus reduces unnecessary distractions, ensuring GameStop’s operational and strategic priorities remain clear and compelling to both investors and customers.”
Cohen acknowledged the letter by simply tweeting, “Letter received,” but GameStop has yet to issue a formal statement or indicate whether it will seriously consider Strive’s recommendation.
Letter received.
— Ryan Cohen (@ryancohen) February 25, 2025
Strive also recommended that GameStop avoids all other cryptocurrencies, describing Bitcoin as the only “true store of value.”
John Haar, managing director of BTC-only exchange Swan Bitcoin, said the move would “bake the noodles of so many TradFi investors and commentators who think both GME and Bitcoin are a joke.”
If GameStop embarks on the LBE (Leveraged Bitcoin Equity) strategy…
It will bake the noodles of so many TradFi investors and commentators who think both #GME and #Bitcoin are a joke 😂😂 pic.twitter.com/kQniYEWIeE
— John Haar (@john_at_swan) February 25, 2025
Strive Asset Management, co-founded by former U.S. presidential candidate Vivek Ramaswamy, has built a reputation for advocating corporate strategies that focus on maximizing shareholder value rather than emphasizing environmental, social, and governance (ESG) initiatives.
Earlier this month, GameStop saw its stock price surge 20% after sources revealed it was exploring alternative asset classes, focusing on crypto and Bitcoin.
GameStop Considers Bitcoin Investment, Stock Surges 20%
GameStop may invest in Bitcoin, boosting its stock 20% but the firm is still evaluating, with no decision yet
