Strive CEO urges GameStop to adopt Bitcoin as treasury asset

Strive Asset Management CEO Matt Cole urged GameStop to adopt Bitcoin as a reserve asset, arguing that the move could redefine the company’s financial strategy.

In a letter sent to GameStop Chairman and CEO Ryan Cohen on Feb. 24, Cole suggested that GameStop’s nearly $5 billion in cash reserves could be used to position the company as a leader in the gaming sector.

“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” Cole wrote.

Strive, co-founded by Vivek Ramaswamy, manages exchange-traded funds that hold GameStop stock, giving the firm what Cole describes as a fiduciary responsibility and vested interest in the company’s success.

While he did not disclose the amount of GameStop stock held, Strive maintains exposure through three different ETFs.

Cole’s letter follows reports that GameStop has been considering alternative investments, including cryptocurrencies. Over the past two years, the company has reduced operating losses and offset deficits with interest income from its cash holdings. 

According to Cole, reallocating reserves into Bitcoin (BTC) would serve as a hedge against inflation and a strategic shift toward long-term capital growth.

The proposal aligns with moves made by companies like MicroStrategy and Semler Scientific, which have incorporated Bitcoin into their treasuries. 

Cole emphasized that GameStop should focus solely on Bitcoin while leveraging capital markets through at-the-market offerings and convertible debt securities.