GameStop Will Buy 5 Billion Dollars Worth of Bitcoin? First Response to the CEO's Suggestion Came! - Coin Bulletin

**While the possibility of GameStop investing in (GME) cryptocurrencies is on the agenda, Matt Cole suggested converting GameStop's approximately 5 billion dollars cash reserve into Bitcoin (BTC).

During the pandemic, video game retailer GameStop, which gained fame as a meme stock, announced a possibility of investing in cryptocurrencies in recent weeks. According to CNBC's report based on anonymous sources, the company's plan has not yet been finalized and the process is ongoing.

GameStop CEO Ryan Cohen's sharing a photo with MicroStrategy founder Michael Saylor also strengthened these claims. While it is stated that the company has approximately **$4.6 billion in cash reserves for investment, it was mentioned that if GameStop makes this investment, it could join the league of corporate companies like MicroStrategy that include Bitcoin in their balance sheets.

"GameStop, Bitcoin could be a treasure company"

In a Feb. 24 letter to GameStop's CEO Ryan Cohen, Matt Cole, CEO of Strive Asset Management, said that GameStop could redefine itself as a market leader with nearly $5 billion in cash reserves. Cole stated that GameStop could transform its financial future and become a leading Bitcoin treasure company in the gaming industry.

In Cole's letter, it was stated that GameStop shares are included in Strive's stock investment funds (ETF) held by their customers, and therefore they are directly interested in the company's success. The CEO emphasized that Bitcoin will be a new **"hurdle rate" in capital allocation, arguing that cash loses value against inflation and Bitcoin provides protection against inflation.

The letter also suggested that GameStop should focus not only on other cryptocurrencies, but only on Bitcoin, and could issue stock offerings and convertible bonds using capital markets. Cole also appreciated GameStop's previous closure of unprofitable stores and rejection of diversity, equality, and inclusion (DEI) programs.

Ryan Cohen responded to CoinDesk's report on Twitter with the words, "Letter received."