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GameStop CEO Ryan Cohen Considers $4.6 Billion Bitcoin Purchase Recommendation
In a surprising turn of events, GameStop CEO Ryan Cohen has been considering a massive investment in Bitcoin, worth approximately $4.6 billion. This unprecedented move comes after a recommendation letter from a prominent investor, who urged the company to diversify its investment portfolio by allocating a significant portion of its cash reserves to Bitcoin.
The suggestion, made by Strive Asset Management’s co-founder and chief investment officer David Cohen (no relation to GameStop CEO Ryan Cohen), would see GameStop join the ranks of companies like MicroStrategy and Strategy, which have already bet big on the cryptocurrency. This bold move would transform GameStop from a meme stock to a market leader.
According to reports, Strive’s letter emphasized the potential benefits of Bitcoin as a “true savings asset” that could protect the company’s long-term shareholder returns from inflationary pressures. The proposal also recommended that GameStop should focus exclusively on Bitcoin rather than exploring other cryptocurrencies, in order to establish itself as a disciplined and forward-thinking organization.
It is worth noting that this recommendation has sparked both excitement and skepticism among investors and analysts alike. While some see the potential for significant gains in the long term, others are more cautious due to the extreme volatility of the cryptocurrency market.
GameStop’s Bitcoin pivot would mark a major shift in its corporate strategy, as it seeks to reinvent itself in the digital age by shifting away from physical retail sales of video games and related products. Instead, it would be positioning itself as one of the most Bitcoin-friendly publicly traded companies in the United States.
While there has been no official announcement or confirmation from GameStop regarding this proposal, Ryan Cohen’s acknowledgement of receiving the letter suggests that the company is at least considering the suggestion.
