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Bitcoin News: GameStop Mulls BTC Allocation for Corporate Treasury
GameStop has not responded yet, but Strive Asset Management urged the company to invest part of its $5 billion cash reserves in Bitcoin to hedge against inflation and drive long-term growth.
In a letter dated February 24, Matt Cole, CEO of Strive Asset Management, recommended that GameStop dedicate some of its available cash to Bitcoin investments. This move would position the company ahead of competitors in the gaming business segment by utilizing blockchain technology.
Cole suggests that GameStop’s approximately $5 billion in cash reserves enables it to create a new financial approach. By incorporating Bitcoin into its treasury system, the company could fight against inflation and simultaneously enhance future growth prospects.
Strive Asset Management is an investment firm led by Vivek Ramaswamy that operates exchange-traded funds with holdings in GameStop stock. While Cole emphasized that GameStop has an obligation to its shareholders to achieve optimal value, he failed to reveal the exact amount of Bitcoin allocation being proposed.
GameStop has been exploring blockchain initiatives, which leaves its stance on Bitcoin adoption uncertain.
