GameStop: Strive invites the gaming company to adopt Bitcoin as a corporate reserve

Ryan Cohen, CEO of GameStop, has confirmed that he received the letter from Matt Cole, CEO of Strive, where he invites him to consider adopting Bitcoin as a corporate reserve. Specifically, Cole suggests using the 5 billion dollars of liquidity present in GameStop’s balance sheet to buy BTC. 

GameStop and Bitcoin as corporate reserve: the letter from Strive 

Matt Cole, CEO of Strive, sent a letter to Ryan Cohen, CEO of GameStop, inviting him to consider adopting Bitcoin as a corporate reserve.

In practice, Cole would have spoken on behalf of the clients of the investment company Strive who hold shares of GameStop through the ETF, in the mutual interest of seeing a brighter future for the gaming company. Here’s what he wrote:

“We believe that GameStop has an incredible opportunity to transform its financial future by becoming the leading Bitcoin treasury company in the gaming sector. With nearly 5 billion dollars in cash on the balance sheet, the company is uniquely positioned to shift its reserves from a contracting asset to a growth engine, pushing GameStop from a meme stock to a market leader, one Bitcoin at a time.”

According to Cole, GameStop could become the first gaming company with Bitcoin as a corporate reserve. Not only that, the CEO of Strive suggested using GameStop’s 5 billion dollars in balance sheet liquidity to start purchasing BTC. 

Continuing with the letter, then, Cole would have also suggested a weighted Bitcoin strategy, capable of generating long-term returns for Gamestop shareholders, such as indeed its clients. 

At the same time, on X, Cohen confirmed that he received the letter but did not comment on it.

GameStop and Bitcoin as a corporate reserve: the photo with Michael Saylor

The rumors about GameStop’s interest in adopting Bitcoin as a corporate reserve originated long before Strive’s letter. 

In fact, at the beginning of this month, Cohen posted on his X profile a photo of himself with the CEO of Strategy (formerly MicroStrategy), the notorious bitcoiner Michael Saylor.

Source

As is well known, Strategy is the number one company in the world for Treasury in Bitcoin, with its wallet that holds a total of 499,096 BTC, equivalent to 44.08 billion dollars at the time of writing.

Saylor is the one who started all this, announcing in October 2024 also the “21/21 plan”, which is the strategy of raising a whopping 42 billion dollars (21 in stocks and 21 in fixed-income securities) to purchase BTC by 2027. 

The photo on X might already express a sense of Cohen from GameStop being close to Saylor’s corporate Bitcoin Treasury strategy. 

The current crypto sentiment is “panic”

In the meantime, yesterday it emerged that there is a general crypto market sentiment of “extreme fear.” 

The global crypto Fear and Greed index yesterday had dropped to 25 compared to 49 the day before. 

Looking at today’s data, that score has dropped further to 21, confirming a general state of “panic” in the sector. 

In fact, the price of BTC has fallen below $90,000. At the time of writing, BTC is worth $88,260, a price that had not been seen since last November 2024, before the bull run driven by Trump’s victory in the US presidential elections.