GameStop CEO Ryan Cohen confirmed the receipt of a proposal from Strive Asset Management to adopt Bitcoin as a reserve asset.
Strive Asset Management suggests that GameStop could leverage its $5 billion cash reserves to acquire Bitcoin and redefine its market position.
GameStop has previously made moves into the cryptocurrency and blockchain space, including launching a self-custodial crypto wallet and an NFT marketplace.
Investing $5 billion in Bitcoin could position GameStop as a strong player in the financial landscape, but Bitcoin has recently seen a notable drop in price.