Key Takeaways
- GameStop pioneers Bitcoin treasury reserve assets in the gaming industry, setting the pace away from meme stock.
- GameStop’s official X account confirms the company is adopting Bitcoin treasury asset reserve following an open letter from Strive CEO Matt Cole.
- Bitcoin price remains strong after weeks of price uncertainties, as the price trades above $85,000 after weeks.
GameStop continues to make rounds in the media following recent news suggesting its company received an open proposal letter from Strive Asset Management CEO Matt Cole encouraging GameStop to buy Bitcoin into its reserve with the $5 billion cash on its balance sheet. This will become a game-changer for many gaming companies, especially Tradfi.
GameStop CEO Ryan Cohen reacted on his X account, suggesting he had received the letter. He posted on his X, stating “Letter Received” without many words, as this was dated February 24, 2025.
Ryan Cohen, acknowledging the letter and a picture of him and Michael Saylor, the co-founder of MicroStrategy and advocate of Bitcoin, suggests the company is considering the proposal.
A few weeks later, an official statement from GameStop X handle announced that Bitcoin would be added to its treasury asset reserve, sparking an over 20% rally in shares for GameStop. Many experts and traders believe this is a game-changer for the gaming industry as the retail gaming company pioneers this new charge for Bitcoin.
The idea behind such a proposal is for the retail gaming company GameStop to become the next big gaming company that has pioneered Bitcoin Reserve, setting the pace for other gaming companies as it positions itself as a leader in the gaming sector, other than meme stock.
The proposal also encourages GameStop to focus primarily on Bitcoin in its treasury reserve, considering its experience of attempting ventures related to NFT, which led to no good results. NFTs and other crypto assets are prone to high volatility, but Bitcoin can be used as a hedge against inflation, according to Strive.
Bitcoin Reaction To GameStop News
Source – Bitcoin 1D Price Chart From TradingView
For weeks, Bitcoin’s price has struggled to show a strong uptrend. It traded around $78,000 to $80,000 before eventually breaking towards its high of $88,500 following its liquidity sweep of $78,000, as bulls pushed its price to trade higher.
This price bounce led to some altcoins showing encouraging signs. However, the price of Bitcoin still needs to rally to more upside following news of investors and institutions adopting BTC as a hedge for inflation, with a new institutional addition in the gaming industry being GameStop.
The price of BTC has traded below its 50-day and 200-day EMAs for months, but it is looking interesting for traders and investors. The price is speculated to rally past its high of $95,000, acting as resistance and could spark strong bullish sentiment in the coming weeks and months.
The price of BTC trading above $95,000 could lead to more upside potential and an attempt to rally past its previous high of $109,000. Key regions of interest for bulls remain at $95,000, while bears would be cautious until its low of $78,000 is taken out.
