Strive CEO Urges GameStop to Convert $5B Cash Reserve Into Bitcoin

Matt Cole, CEO of Strive Asset Management, has called on GameStop (GME) to adopt bitcoin (BTC) as its primary reserve asset, arguing that doing so could position the company as a pioneer in financial strategy within the gaming industry.

In a letter to GameStop Chairman and CEO Ryan Cohen dated Feb. 24, Cole outlined the opportunity, emphasizing the company’s $5 billion cash reserve as a tool to secure long-term financial strength.

“GameStop has the chance to establish itself as the leading bitcoin treasury company in gaming, setting a precedent for other industry players,” Cole wrote.

Strive Asset Management, co-founded by Vivek Ramaswamy, manages multiple exchange-traded funds (ETFs) that include GameStop stock. Cole emphasized that his firm has a fiduciary duty to ensure shareholder value, though he did not disclose the number of shares held across Strive’s ETFs.

The letter follows reports that GameStop has been exploring alternative asset investments, including bitcoin and other cryptocurrencies, as part of its evolving financial strategy.

Cole highlighted that GameStop has significantly reduced its operating losses over the past two years while benefiting from interest earned on its cash reserves. He argued that holding bitcoin rather than cash could offer stronger protection against inflation and monetary debasement, positioning BTC as a better long-term store of value.

The letter also recommended that GameStop avoid other cryptocurrencies and focus exclusively on bitcoin while leveraging capital markets through at-the-market (ATM) offerings and convertible debt instruments—a strategy successfully implemented by companies such as MicroStrategy, Semler Scientific, and MARA Holdings.

Cole pointed out that companies that have embraced bitcoin as part of their treasury strategy have seen both stock price appreciation and expanded access to capital.

He concluded by praising GameStop’s leadership in restructuring its business, closing underperforming stores, and rejecting diversity, equity, and inclusion (DEI) initiatives.

“We applaud GameStop’s strong leadership in streamlining operations and publicly rejecting DEI,” Cole stated.