Strive CEO Pushes GameStop to Go All-In on Bitcoin Treasury Strategy

Strive Asset Management CEO Matt Cole has urged GameStop (NYSE:GME) to adopt the Bitcoin Standard, positioning the company as a leader in Bitcoin treasury management within the gaming sector. In a letter to GameStop Chairman and CEO Ryan Cohen, Cole outlined a strategy to transform GameStop’s financial outlook by shifting its $5 billion cash reserves into Bitcoin.

GameStop has stabilized its balance sheet by reducing operating losses and leveraging interest income from cash holdings. However, the core challenge remains—declining brick-and-mortar retail sales as digital downloads gain dominance. Cole argues that holding fiat reserves exposes the company to inflation, while Bitcoin offers a long-term growth asset and hedge against currency devaluation.

To maximize shareholder value, Cole proposes GameStop use Bitcoin as its capital deployment benchmark, allocating the highest possible percentage of reserves to BTC while avoiding other cryptocurrencies. He also advises closing more physical stores, focusing on online sales, and reducing costs to achieve profitability.

Additionally, Cole suggests GameStop leverage capital markets through at-the-market (ATM) offerings and convertible debt to acquire more Bitcoin. Over time, Bitcoin reserves could be used for strategic investments, M&A opportunities, and long-term growth when returns exceed the expected appreciation of BTC.

By embracing the Bitcoin Standard, Cole believes GameStop can evolve beyond "meme stock" speculation, creating a solid financial foundation and delivering sustained shareholder value.