Strive CEO writes to GameStop, suggesting the inclusion of Bitcoin in the company's reserves to build "the top Bitcoin financial company in the gaming industry."

2025-02-26 13:31:08

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ChainCatcher news, according to Nate Geraci, president of The ETF Store, Matt Cole, CEO of ETF issuer Strive, sent a letter to GameStop chairman and CEO Ryan Cohen on February 24, suggesting that GameStop shift its nearly $5 billion cash reserve towards Bitcoin, transforming the company into "the top Bitcoin treasury company in the gaming industry." Cole stated that GameStop has significantly reduced its operating losses over the past two years and has generated interest income from cash holdings obtained through equity financing to offset these deficits, but the company's core challenges remain: the physical retail sector is declining, and consumer preferences are shifting towards digital game downloads.

As an asset management company holding GameStop shares through exchange-traded funds, Strive believes GameStop has an "incredible opportunity" to change its financial future by becoming the Bitcoin treasury company in the gaming industry. The letter mentioned that GameStop is considering purchasing Bitcoin and other cryptocurrencies to address business challenges, but Strive believes that executing the strategy is crucial for success and has made specific recommendations.

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