GameStop Corp., a company long known for its role in the 2020-2021 meme stock phenomenon, has received an eye-catching recommendation from Strive Asset Management.
The investment firm is pushing the gaming retailer to transform its strategy by using its substantial cash reserves to acquire Bitcoin, positioning itself as a pioneer in the digital asset space.
Strive Asset Management CEO Matt Cole wrote a letter to GameStop CEO Ryan Cohen on 24 February 2025, advising the company to use its $4.6 billion in cash to purchase Bitcoin.
Cole suggests that GameStop should further increase its holdings through new market offerings.
The goal, according to Strive, is to turn GameStop into a major player in the Bitcoin space, especially within the gaming sector.
The proposal aligns with growing trends of Bitcoin adoption in both corporate and financial sectors.
Strive’s recommendation is grounded in the belief that Bitcoin can offer GameStop a strategic advantage in a world of growing inflation.
Strive stated in its letter,
"Among digital assets, Bitcoin has uniquely established itself as 'sound money' and 'digital gold.'"
The firm argues that holding Bitcoin rather than traditional cash would safeguard GameStop’s financial position, protecting it from inflationary pressures and making it a more appealing entity to investors.
Strive advised GameStop to steer clear of other cryptocurrencies, claiming Bitcoin is the only “true store of value” in the digital asset space.
By sticking exclusively to Bitcoin, GameStop would solidify its reputation as a disciplined, forward-looking organization and attract institutional investors, according to Strive.
John Haar, the managing director of Swan Bitcoin, a BTC-only exchange, weighed in on the idea, calling it a move that could "bake the noodles of so many TradFi investors and commentators who think both GME and Bitcoin are a joke."
His remarks highlight the potential shockwaves such a move would send through traditional financial markets, where both GameStop and Bitcoin have often been regarded with skepticism.
The suggestion aligns with Strive’s broader goal of positioning GameStop as a forward-thinking, innovative company capable of capitalizing on emerging financial trends.
Strive argues that this Bitcoin-focused strategy would not only reshape GameStop's corporate identity but also make the company more resilient to market uncertainties.
Cohen Responds to Proposal but Remains Silent on Next Steps
GameStop CEO Ryan Cohen confirmed he received the letter from Strive, posting a simple message on X,
“Letter received.”
Despite this acknowledgment, GameStop has not provided a formal response or indicated whether it plans to pursue the recommendation.
Recently, Cohen has been spotted with Michael Saylor, the chairman of the Bitcoin-heavy business intelligence firm Strategy, which has inspired other companies to adopt similar strategies.
However, it remains unclear if GameStop will take the plunge and make Bitcoin a central part of its future.
Strive’s proposal follows recent reports indicating that GameStop has been exploring alternative assets, including Bitcoin, as part of its strategy.
In early February 2025, GameStop’s stock saw a significant boost, rising by 20% following news of these explorations.
Investors are clearly intrigued by the possibility of GameStop diversifying its portfolio, with Bitcoin seen as a potential stabiliser in a volatile market.
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