GameStop Stakeholders Are Not Aligned on Bitcoin Strategy: Strive CEO
Strive Asset Management is advocating for GameStop to purchase Bitcoin as a treasury reserve asset, but internal debates exist regarding the extent of these purchases. GameStop recently updated its investment policy to allow Bitcoin acquisitions and raised $1.5 billion through convertible senior notes. The company currently holds $4.7 billion in cash and cash equivalents. Strive's CEO, Matt Cole, noted differing opinions among GameStop's stakeholders about fully committing to a Bitcoin strategy. Strive proposed converting all of GameStop's cash into Bitcoin, citing inflation concerns. GameStop's stock has risen 8.5% in the past month but is down 12% year-to-date. The company reported a profit of $131 million on $3.8 billion in sales and is recognized as a prominent meme stock. Cole emphasized the need for GameStop to address structural issues to avoid decline.
