$2 billion asset manager Strive wants GameStop to transition into a Bitcoin treasury company.
On Tuesday, February 25, GameStop CEO Ryan Cohen confirmed that he had received a letter from the Vivek Ramaswamy co-founded asset management firm urging it to purchase Bitcoin with its cash reserves.
The video game retailer at the center of the 2020 and 2021 meme stock craze reported holding $4.6 billion in cash in Q3 2024. On February 13, 2025, it was reported that the firm was considering investing a portion of this stash in Bitcoin and other cryptocurrencies.
In Strive’s February 24 letter, CEO Matt Cole expressed excitement at this move but urged GameStop to stick to Bitcoin and ignore other cryptocurrencies.
Cole touted Bitcoin’s unique perception as “digital gold” and brand clarity as reasons for this narrow focus.
The Strive CEO contended that by buying Bitcoin with the majority of its cash reserves and capital marketing funding strategies like convertible debt offerings, GameStop could transform itself “from meme stock to market leader one Bitcoin at a time.”
This Bitcoin-focused treasury strategy has been pioneered by Strategy (formerly MicroStrategy), the largest corporate holder of the digital asset. Interestingly, GameStop’s Cohen was pictured with Strategy Chairman and notorious Bitcoin evangelist Michael Saylor earlier in the month.
Strive’s interest in GameStop’s potential crypto play comes as its clients hold shares of the video game retailer through exchange-traded funds. Strive asserted that this gave it “a fiduciary responsibility and a vested interest” in GameStop’s success.
While Strive’s nudge to GameStop has sparked excitement within crypto circles as evidenced by gains in GME memecoins, retail GameStop investors do not appear to be impressed, questioning whether Strive had “enough skin in the game” to make such a suggestion.
Without much investigation on my part other than this recent tweet, the letter was written by a fund that has ~$50,000 worth of GME across their (3) ETFs. Not really a fund with a lot of skin in the game to make this kind of suggestion in my opinionhttps://t.co/lFG6wl0A3b
— Corey Grusden (@cgrusden) February 26, 2025
Despite this mixed sentiment, implementing Bitcoin treasury strategies has typically led to massive share price gains for firms, at least in the short term, as experts continue to debate long-term risks.
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