GameStop's CEO Ryan Cohen has confirmed receipt of a notable proposal from Strive Asset Management, suggesting the video game retail giant convert $5 million of its cash reserves into Bitcoin. The proposal aims to position GameStop as the leading Bitcoin treasury company within the gaming industry.
The recommendation from Strive Asset Management presents Bitcoin as a preferred alternative to holding cash, which they describe as diminishing in value due to inflation. The proposal highlights recent accounting rule changes that now permit companies to recognize unrealized Bitcoin gains as profit, enhancing its appeal as a corporate treasury asset.
Cohen's response came through social media platform X (formerly Twitter), where he simply stated "Letter received" without providing additional commentary. The company has not issued any formal statement regarding their intentions with the proposal.
This potential move into Bitcoin would not be GameStop's first venture into digital assets. The company previously operated an NFT marketplace, though it was short-lived. Adding to speculation about the company's crypto interests, Cohen was recently photographed with Michael Saylor of Strategy (formerly MicroStrategy), currently the largest corporate holder of Bitcoin with holdings valued at approximately $47 billion.
The gaming retailer's consideration of Bitcoin as a treasury asset comes at a time when corporate adoption of cryptocurrency continues to evolve. The proposal represents a potential strategic shift in how gaming companies manage their financial reserves in response to changing market conditions.
GameStop has not yet announced any decision regarding the proposal, and stakeholders await further details about the company's potential entry into corporate Bitcoin holdings.