GameStop CEO acknowledges proposal to adopt Bitcoin as a reserve asset

Matt Cole, CEO of Strive Asset Management, announced on X that the firm had sent a letter to GameStop CEO Ryan Cohen, urging the company to adopt Bitcoin (BTC) as a reserve asset. In response, Cohen acknowledged the proposal with a brief comment: "Letter received." According to CoinDesk, Cole's proposal suggests that GameStop convert its approximately $5 billion in cash holdings into BTC, arguing that BTC is a superior alternative to cash, which loses value due to inflation. Earlier this month, CNBC reported that GameStop is exploring BTC and digital asset investments amid declining sales and challenges in its brick-and-mortar business. Adding to speculation, Cohen recently shared a photo on social media with Michael Saylor, CEO of MicroStrategy and a well-known BTC advocate, further fueling discussions about GameStop’s potential BTC investment.