26-2-2025 – Strive Asset Management CEO Matt Cole has formally encouraged GameStop to convert a portion of its substantial cash holdings into Bitcoin.
The investment firm, which holds GameStop shares across three exchange-traded funds, dispatched a detailed missive to Chairman and Chief Executive Ryan Cohen on 24 February, outlining what Cole characterises as a transformative opportunity for the company.
“GameStop possesses a remarkable chance to revolutionise its financial trajectory by establishing itself as the foremost Bitcoin treasury entity within the gaming industry,” Cole wrote, referencing the retailer’s impressive nearly $5 billion cash reserves.
This recommendation arrives amidst swirling reports that GameStop has already been contemplating diversification into alternative investments, with cryptocurrencies and Bitcoin specifically under consideration.
The proposal draws parallels with similar strategies successfully implemented by corporations such as MicroStrategy, Semler Scientific and MARA Holdings. Cole noted that major companies adopting Bitcoin have typically witnessed not merely share price appreciation but also enhanced access to capital-raising mechanisms.
Over the past two years, GameStop has significantly strengthened its financial position, reducing operational losses whilst generating interest income from cash holdings derived from equity offerings—developments that Cole suggests have stabilised the company’s balance sheet and created fertile ground for ambitious strategic initiatives.
In his detailed recommendations, Cole advocates for GameStop to focus exclusively on Bitcoin, avoiding other cryptocurrencies, whilst potentially leveraging capital markets through convertible debt securities and at-the-market offerings.
The investment executive frames Bitcoin as an effective inflation hedge that outpaces monetary debasement, contrasting it with traditional cash holdings that deliver negative real returns in the current economic environment.
Cole’s correspondence concludes with praise for GameStop’s recent operational decisions, including the closure of unprofitable retail locations and the company’s public stance against diversity, equity and inclusion programmes.
