Strive Asset Management CEO Matt Cole Is Urging GameStop to Invest Its Cash Reserves in Bitcoin

Strive Asset Management CEO Matt Cole is urging GameStop to use its cash reserves to invest in Bitcoin.

Strive Asset Management CEO Matt Cole is urging GameStop (NYSE:GME) to use its cash reserves to invest in Bitcoin.

In a letter to GameStop CEO Ryan Cohen, which was seen by Benzinga, Cole highlighted the company’s strong balance sheet and the potential of Bitcoin as an investment in the current macroeconomic climate.

According to Matt Cole, GameStop should adopt Bitcoin as its treasury asset to hedge against inflation. Notably, Cole also suggested that GameStop should focus exclusively on Bitcoin, and not on any other crypto assets. According to Cole, Bitcoin is the only "true store of value" in the digital asset space.

To finance the proposed investments in Bitcoin, Cole suggested that GameStop should raise additional capital through at-the-market stock offerings and convertible debt instruments, saying that the company's substantial trading volume makes such strategies viable.

"With nearly $5 billion in cash on its balance sheet, the firm is uniquely positioned to shift its reserves from a shrinking asset to a growth engine, propelling GameStop from meme stock to market leader, one Bitcoin at a time," wrote Cole.

According to recent reports, GameStop is planning to diversify its investments into alternative asset classes. Earlier this year, the company disclosed an investment in a new venture, Metaplanet, which develops Web3 games.

In March, we covered reports that GameStop is considering investments in alternative classes, including Bitcoin. Rumors about the possibility of GameStop investing in Bitcoin began earlier this month, when Ryan Cohen met with Strategy (NASDAQ:STRAT) executive director Michael Saylor.

If GameStop were to adopt the approach suggested by Strive Asset Management, it would join other corporate Bitcoin holders such as Strategy and Metaplanet. These companies have adopted a strategy of issuing debt to purchase Bitcoin, with the goal of delivering "BTC yield" to investors. Essentially, this metric measures the percentage increase in Bitcoin per share.

GameStop stock has been off to a rocky start this year, dropping by 19.8% since the beginning of 2025. The S&P 500 index (INDEX:SP500), which is commonly used as a benchmark for the U.S. equities market, is up roughly 2% in the same time frame.

According to the algorithmic GME stock forecast on CoinCodex, GameStop is expected to see substantial volatility this year, with price spikes followed by sharp price corrections. Still, the forecast is overall bullish on GME stock, predicting that it will close 2025 at $30.70, which would be 24.8% higher than its current price.

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Credit: Benzinga