Strive Asset Management sent a letter to GameStop suggesting investing in Bitcoin, which could significantly impact traditional investors.
Letter from Strive Asset Management
On February 24, Strive Asset Management CEO Matt Cole sent a letter to GameStop advising using their $4.6 billion cash reserve to buy Bitcoin and raise additional funds through market offerings.
Potential Impact on Investors
GameStop, known for its meme stock saga in 2020 and 2021, could attract significant investor interest by pivoting to such a strategy. Previously, the company's stock showed substantial growth.
Recommendations and Strategy
Matt Cole suggested that GameStop sell or close unprofitable stores, expand online presence, and invest only in Bitcoin to protect against inflation, fortify its market position, and enhance shareholder returns. Recently, Ryan Cohen shared a photo with Michael Saylor from Strategy.
By following Strive's advice, GameStop could radically change its strategy, impacting the company and the market as a whole. However, bold moves always carry risks.
