GameStop CEO Urged To Buy Bitcoin With Its $5 Billion Cash

Aliyu Pokima
February 26, 2025
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Breaking: GameStop To Raise $1.3 Billion To Buy Bitcoin For Its Treasury

Highlights

  • Strive CEO wants Gamestop to purchase Bitcoin (BTC) as a reserve asset.
  • The plan will involve converting all its $5 billion cash holdings to BTC.
  • Gamestop has previously hinted at adding BTC into its balance sheet, stoking the ire of critics.

The calls for GameStop to add Bitcoin (BTC) to its balance sheet have peaked with one investor penning a letter to the company CEO to make the move. The letter urges the video game retailer to buy BTC with its cash reserves of nearly $5 billion.

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GameStop Urged To Transform Itself With BTC Purchase

Matt Cole, CEO of Strive Asset Management has nudged GameStop to convert its $5 billion cash reserves to BTC to redefine itself. Cole, in a letter to GameStop CEO Ryan Cohen, noted the purchase will move the retailer from “meme stock to market leader.”

Following the surge of its stock price, fuelled by Reddit’s WallStreetBets forum, the company earned the moniker of meme stock. Aware of the tag, the firm has taken steps to cut operating losses and increase income via equity offerings.

While these steps represent a measure of progress, Cole says adding the top cryptocurrency to the company’s balance sheet will be the silver bullet.  Per the letter, GameStop’s proposed acquisition of BTC will open doors for capital deployment while serving as hedge against inflation.

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

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Buying Only BTC Is The Best Option

GameStop has previously hinted at adding cryptocurrencies to its balance sheet, sparking criticisms from Peter Schiff. Per the letter, Cole urges GameStop to narrow its focus to BTC, citing convertible debt security applications.

Outside of buying only Bitcoin, the letter recommends that GameStop mirrors the moves of other companies in accumulating the asset. MARA Holding and Semler Scientific have steadily increased the size of their BTC holdings with the Strive buying 20,356 BTC.

Strive CEO urged the company to pay keen attention to the capital market utility of Bitcoin on its balance sheet. For Cole, companies that have added BTC to their balance sheets have seen their valuations spike in line with the asset’s price rally.

Furthermore, Cole notes that since Strive clients are holders of GameStop shares via ETFs, both CEOs have a “fidicuary duty” to turn to BTC.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he's not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.