Strive CEO writes to GameStop: Proposing to include Bitcoin in company reserves

Odaily News According to Nate Geraci, president of The ETF Store, Matt Cole, CEO of ETF issuer Strive, wrote to GameStop Chairman and CEO Ryan Cohen on February 24, suggesting that GameStop shift its nearly $5 billion cash reserves to Bitcoin and turn the company into "the top Bitcoin treasury company in the gaming industry." Cole said that GameStop has significantly reduced its operating losses in the past two years and has offset these deficits with interest income from cash holdings generated by equity financing, but the company's core challenges remain: physical retail is in decline and consumer preferences are shifting to digital game downloads.
As an asset management firm that holds GameStop shares through an exchange-traded fund, Strive believes that GameStop has an "incredible opportunity" to change its financial future by becoming the gaming industry's Bitcoin treasury company. The letter mentioned that GameStop is considering buying Bitcoin and other cryptocurrencies to meet business challenges, but Strive believes that execution strategy is critical to success and has made specific suggestions.