GameStop CEO Ryan Cohen confirmed on social media site X that he received a letter from Strive Asset Management urging the company to adopt bitcoin (BTC-USD) as a reserve asset.
Cole sent the letter to Cohen on February 24, pitching the case that GameStop has a unique opportunity to redefine itself as a market leader due to its nearly $5 billion cash reserve. The stable balance sheet at GameStop is seen positioning it for more dynamic moves.
Investors may remember that GameStop has a mixed history with cryptocurrency and blockchain initiatives in general. The company launched a self-custodial cryptocurrency wallet in 2022 that allowed customers to manage digital assets, including cryptocurrencies and non-fungible tokens. The move was part of GameStop's broader strategy to expand into the digital asset space.
The Texas-based retailer also unveiled an NFT marketplace later in 2022 that was built on the Ethereum-based Loopring Layer 2 network. The company also partnered with Immutable X, an Ethereum-based Layer 2 scaling solution, to integrate its global order book into the GameStop NFT marketplace.
Shares of GameStop are down 22% on a year-to-date basis.
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