GameStop Should Convert Its $5 Billion Cash Pile Into Bitcoin, Says Strive’s Matt Cole.

Strive CEO Calls on GameStop to Allocate $5B Cash Reserve to Bitcoin

Matt Cole, CEO of Strive Asset Management, has urged GameStop (GME) to adopt bitcoin (BTC) as a key treasury asset, arguing that the move could secure the company’s financial future and establish it as a leader in the gaming sector.

In a letter addressed to GameStop Chairman and CEO Ryan Cohen on Feb. 24, Cole emphasized the company’s “unparalleled opportunity” to redefine itself using its nearly $5 billion cash reserve.

“We believe GameStop can reshape its financial trajectory by becoming the top bitcoin treasury company in gaming,” Cole wrote.

Strive Asset Management, co-founded by Vivek Ramaswamy, manages multiple exchange-traded funds (ETFs) that hold GameStop shares. Cole noted that this gives Strive a “fiduciary responsibility and vested interest” in the company’s strategic direction. While the firm didn’t disclose the exact number of shares held, Cole confirmed that GameStop is included in at least three Strive ETFs.

The letter follows speculation that GameStop has been evaluating alternative investments, including bitcoin and other digital assets, as part of its broader financial strategy.

Over the last two years, GameStop has worked to reduce its operating losses while leveraging interest income from its equity offerings. These efforts, Cole argues, have positioned the company to take bold strategic steps, such as adding bitcoin to its balance sheet.

Cole also contends that bitcoin is emerging as the new “hurdle rate” for capital allocation, as traditional cash holdings continue to lose value due to inflation. He advises GameStop to prioritize bitcoin over other cryptocurrencies while utilizing capital markets through at-the-market (ATM) offerings and convertible debt issuances—a strategy already adopted by companies like MicroStrategy, Semler Scientific, and MARA Holdings.

According to Cole, firms that have integrated bitcoin into their balance sheets have not only benefited from stock price appreciation but have also unlocked new capital-raising opportunities.

The letter concludes with Cole applauding GameStop for its cost-cutting measures, including closing unprofitable stores, and for its public rejection of diversity, equity, and inclusion (DEI) policies.

“We recognize GameStop’s strong leadership in eliminating inefficiencies and publicly rejecting DEI,” Cole wrote.