GameStop Stakeholders Are Not Aligned on Bitcoin Strategy: Strive CEO

Strive Asset Management still pushes gamestop to buy as much bitcoin as possible, and as quickly as possible. But there is constant debate within the company about how much Bitcoin Gamestop is prepared to buy, Strive CEO Matt Cole told Decrypt On Thursday.

“You should expect them to buy some bitcoin,” said Cole. “But I don’t think it’s decided how much they are going in that direction.”

The video game -Retailer announced A month ago that the Bitcoin could buy as a Treasury Reserve Asset after an update of his investment policy. The then elevated $ 1.5 billion due to an offer of convertible senior notes.

It is a tactic that previously reflects strategy Micro strategywhose founder Michael Saylor wrote the PlayBook for acquiring Bitcoin with the help of commercial debt – so far for $ 51 billion in BTC.

In addition to the funds that it recently collected, Gamestop was already at $ 4.7 billion in cash and kasequivalents, according to the latter winning report.

According to Cole, there has been “an attraction and a push” among the stakeholders of Gamestop about whether the company will be able to “go into everything” on his Bitcoin Treasury strategy. Opinions are divided on the company’s board and in the prominent Reddit Community Superstonk, which has become a go-to-collecting place for Gamestop fans over the years.

“There is only a certain amount that I can say publicly,” Cole added. “The thing that is not primarily appreciated by people who look at this in the Bitcoin community is the extent to which other stakeholders at Gamestop are not tailored to this strategy.”

Gamestop did not immediately respond to a request for comments from Decrypt.

In February, striving suggested That Gamestop converts all his money in Bitcoin and describes the US dollar as a “shrinking active” because of inflation. Strive’s proposal also encouraged Gamestop to stick to Bitcoin and praised it as the only “real value of value” under digital assets.

Strive is not an activist investor in Gamestop, but Cole said that the company “has a fiduciary duty in the maximization of the long -term company.” Strive’s customers have had exposure to gamestop in his listed funds, such as the Strive 1000 Growth ETF, he added.

The share price of Gamestop has risen by 8.5% in the past month to around $ 27.60 per share, according to Yahoo Finance. Year-to-date shares have fallen 12%.

Gamestop, which recently placed a profit for the full year of $ 131 million at $ 3.8 billion in turnover, is credited as the first meme shares. It earned that name by gaining popularity within communities such as Reddit’s Wallstreetbets during his historical Pandemic time -language squeeze And price butt.

As one of the most popular shares among retail traders, Cole said that Gamestop is “almost the perfect company” to hire Bitcoin and take advantage of its volatility by issuing debts at attractive rates. However, he said that the company is wearing all the signs of a zombie company.

“We wanted them to all go in, not half of this strategy,” he said. “At a certain point that company will die unless they solve their structural problems.”

Published by Andrew Hayward