EddieJayonCrypto
26 Feb 25
GameStop has received a proposal from Strive Asset Management suggesting the conversion of nearly $5 billion in cash reserves into Bitcoin. Strive claims this move would establish GameStop as the "premier Bitcoin treasury company in the gaming sector." The proposal, dated February 24, was acknowledg...
GameStop has received a proposal from Strive Asset Management suggesting the conversion of nearly $5 billion in cash reserves into Bitcoin. Strive claims this move would establish GameStop as the "premier Bitcoin treasury company in the gaming sector." The proposal, dated February 24, was acknowledged by GameStop's CEO without further elaboration. Strive argues that Bitcoin is a superior alternative to holding cash due to inflation and recent accounting rule changes. It also recommends a reduction in GameStop's retail footprint and additional capital raising to fund the Bitcoin purchases. The broader crypto market's volatility and GameStop's stock performance are also mentioned. GameStop has not publicly commented on whether it will consider Strive’s proposal.
Strive is co-founded by a former U.S. presidential candidate and advocates for corporate strategies prioritizing shareholder value over environmental, social, and governance considerations. The proposal comes as Bitcoin trades below $89,000, down from a peak of over $109,000 in January. The broader crypto market has faced heightened volatility, with a $1.5 billion hack on exchange Bybit adding to uncertainty. Cohen, GameStop's CEO, has remained largely silent on the company’s long-term strategy but has previously indicated a shift toward a leaner model, focusing on “value-added” items. The company’s stock, which remains popular among retail traders, closed 2.36% down on the day to $24.32 and remains little changed in after-hours trading.