Investors pay the CEO of Gamestop to consider the Bitcoin reserve strategy worth $ 5 billion
The CEO of Gamestop Ryan Cohen confirmed via the X social media platform that he had received a suggestion from Strive Asset Management that defends the company to adopt Bitcoin (BTC) as a backup asset.
The letter, dated February 24, determines a convincing case for Gamestop to take advantage of its large cash reserves – $ 5 billion – to redefine its location in the market.
From the encryption portfolios to NFTS – is the next bitcoin?
Asset management pursuit Suggest Gamestop, the world’s largest retail game store, is in a unique position to take bold steps in the advanced financial scene, especially given its stable public budget.
According to what is reported, this financial strength will provide the opportunity to engage in “dynamic and perhaps profitable initiatives”, including the acquisition of bitcoin as a backup asset.
Historically, Gamestop invasion in cryptocurrency Blockchain The space was mixed. In 2022, the company launched a self -encoding portfolio, allowing customers to manage their digital assets, from cryptocurrencies to non -explosive symbols (NFTS).
This step was part of a broader strategy to expand Gamestop in the ecosystem of digital assets, indicating a willingness to innovate and adapt to the changing market conditions.
In addition, Gamestop feet Nft Marketplace later in 2022, built on Loopring Layer 2 based on ETAREUM. This platform aims to take advantage of the increasing interest in digital and NFTS.
The company has also formed a partnership with SYMUTABLE X, another layer solution for ETHEREM, to integrate the global request book into the Gamestop NFT market, which increases its presence in the square of digital assets.
Gamestop faces stock conflicts
Despite these initiatives, the company’s shares faced challenges, as the shares decreased by 22 % on an annual basis. This decline highlights Volatility And the inability to predict the market, especially in the wake of the phenomenon of MIM, which prompted the company’s share price to unprecedented altitudes in 2021.
Market analysts have managed the possible effects of bitcoin. It is worth noting that experts such as Luke Broyles noticed that if Gamestop invests $ 5 billion in Bitcoin, followed by an additional $ 3 billion in $ 110,000, the company can accumulate about 84,090 bitcoin.
Such a strategic step can put the company as a huge player in Financial sceneAccording to the expert, allowing him to diversify his assets and perhaps stabilize his financial view.
Despite this initiative, Bitcoin witnessed a remarkable decrease with a 15 % correction on the monthly timeline, trading up to 84,370 dollars. This means that the leading encryption in the market decreased by 23 % of a record level of $ 109,000 reached in January.
Distinctive image from Dall-E, Chart from TradingView.com
