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Strive Asset Management has called on GameStop to allocate a significant portion of its $5 billion cash reserves to Bitcoin.
In a Feb. 24 letter, Strive CEO Matt Cole outlined how Bitcoin adoption could reshape the gaming retailer’s financial strategy and market position.
Cole emphasized that holding Bitcoin as a treasury asset could establish GameStop as a market leader in the gaming sector. He argued that shifting reserves from depreciating cash to Bitcoin would transform the company’s financial trajectory.
He further noted that this move could elevate GameStop’s stock from a momentum-driven asset to a legitimate industry leader with long-term shareholder value.
He concluded:
“We firmly believe that embracing Bitcoin as your hurdle rate for capital
deployment and your core treasury asset—while focusing on digital channels and consolidating underperforming retail operations—could position GameStop to become both an industry pioneer and a top-performing investment.”
[Editor’s Note: There remains a significant number of GameStop shareholders who “like the stock” and believe the Mother Of All Short Squeezes (MOASS) is yet to come. Investing in a hard asset like Bitcoin could be a novel method to force any remaining short sellers to finally give up.]
Why Bitcoin?
In the letter, Strive detailed several reasons Bitcoin would be a strategic choice for GameStop’s treasury, pointing out that holding cash in the current economic climate is a losing strategy due to inflation and monetary expansion.
The firm furthered that Bitcoin is a hedge against depreciation and an asset with increasing institutional demand.
Strive stated:
“With its decentralized structure, limited supply, and increasing mainstream adoption, Bitcoin can serve as a true savings asset over the long run and protect the company against inflationary pressures affecting fiat currencies.”
Furthermore, Strive suggested that Bitcoin would be a strong foundation for GameStop’s future financial health, especially as the gaming industry moves further into digital spaces.
Meanwhile, Strive also urged GameStop to focus solely on Bitcoin, warning against diversifying into other cryptocurrencies.
The firm cited Bitcoin’s reputation as “digital gold” and the only crypto asset with widespread institutional adoption. It also pointed to GameStop’s previous unsuccessful ventures in NFTs and crypto wallets as reasons to maintain a focused approach in the top crypto.
Funding mechanisms
Beyond using its cash reserves for Bitcoin acquisitions, Strive recommended leveraging capital markets to increase holdings.
The firm proposed at-the-market (ATM) offerings and convertible debt securities to secure liquidity for further Bitcoin purchases.
According to Strive, these methods could provide GameStop with the necessary capital to establish itself as a leader in the digital asset space.
It added:
“Once GameStop acquires a war chest of Bitcoin, it should look to deploy it in the future for strategic growth initiatives and M&A opportunities in the gaming sector when the long-term expected rate of return exceeds simply holding Bitcoin.”
