GameStop to Adopt Bitcoin Reserves?...CEO "Well Received"

All eyes are on whether major U.S. gaming chain GameStop will adopt Bitcoin (BTC) as a reserve asset.

According to crypto media Decrypt on the 25th (local time), Strive Asset Management sent a shareholder engagement letter recommending GameStop convert its approximately $5 billion in cash to Bitcoin. In the letter, Strive explained, "We believe GameStop has an opportunity to revolutionize its financial structure through Bitcoin accumulation. The $5 billion in cash currently held by GameStop can provide sufficient foundation for growth, enabling GameStop to transform from a meme stock into a market-leading company."

They added, "While GameStop's physical stores are gradually declining, actively purchasing digital assets could solve these issues," noting that "Bitcoin accumulation would provide potential benefits to both GameStop and its investors."

After this shareholder letter was made public, rumors circulated in the crypto community that GameStop could join the Bitcoin accumulation trend alongside Strategy and Semler Scientific.

This isn't the first time GameStop has been involved in such rumors. Previously, on the 8th, GameStop CEO Ryan Cohen posted a photo on social media with Strategy CEO Michael Saylor, which also sparked speculation about GameStop potentially pursuing a Bitcoin purchasing strategy.

Later, CNBC, citing anonymous sources, reported that "GameStop is exploring investments in alternative assets, including cryptocurrencies," further fueling these rumors.

However, GameStop has not yet issued an official statement. CEO Ryan Cohen only responded to the letter on social media stating he "well received" it.