Raja Waric
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#GameStop 🤘🏻
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GameStop CEO Acknowledges Proposal to Convert Its $5 Billion Cash Into Bitcoin
GameStop has responded to a letter from Strive Asset Management urging the gaming retailer to add Bitcoin to its balance sheet.
GameStop CEO Ryan Cohen confirmed in a Tuesday post on X that he had received a letter from Strive CEO Matt Cole, recommending that the gaming retailer and meme stock sensation from the pandemic era use roughly $5 billion of its cash reserves to buy Bitcoin and use market offerings to finance more BTC purchases.
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” Cole said in the letter dated Feb. 24.
GameStop Chairman and CEO Ryan Cohen said, “Letter received” on the X platform on February 25 without elaborating further.
As per the proposal, Strive’s customers hold shares of GameStop via the asset management’s exchange-traded funds (ETFs), giving the company “a fiduciary responsibility and vested interest” in the success of GameStop.
Cole argues that Bitcoin is a superior alternative to holding cash as the crypto is an inflation hedge in terms of outpacing monetary debasement. Strive’s CEO suggests GameStop should focus on Bitcoin and avoid other cryptocurrencies, calling the benchmark crypto the “only true store of value” among digital assets.
Cole cautioned that speculative investments in alternative tokens could jeopardize financial stability, citing GameStop’s failed non-fungible token marketplace as a prime example of the risks of expanding into unproven digital assets. Instead, he believes that a Bitcoin-only approach would strengthen GameStop’s image as a “disciplined, forward-looking organization” while safeguarding long-term shareholder returns.
Strive proposed that GameStop raise additional capital via at-the-market stock offerings and convertible debt securities to purchase more Bitcoin. He also said that Bitcoin’s scarcity and growing institutional adoption position it as a long-term hedge against inflation and a “true savings asset.”
Cole’s proposal follows a report earlier this month that GameStop was considering investing in Bitcoin and alternative asset classes.
Notably, Gamestop’s acknowledgment of Strive’s letter comes as Bitcoin trades below $90,000, down from a peak of over $108,786 in January. Broadly, the crypto market has endured intense volatility, with a recent $1.5 billion hack on the Bybit crypto exchange exacerbating the already dire situation.
As of press time, it’s unclear whether or not GameStop intends to heed Strive’s proposal.
GameStop CEO Ryan Cohen confirmed in a Tuesday post on X that he had received a letter from Strive CEO Matt Cole, recommending that the gaming retailer and meme stock sensation from the pandemic era use roughly $5 billion of its cash reserves to buy Bitcoin and use market offerings to finance more BTC purchases.
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector,” Cole said in the letter dated Feb. 24.
GameStop Chairman and CEO Ryan Cohen said, “Letter received” on the X platform on February 25 without elaborating further.
As per the proposal, Strive’s customers hold shares of GameStop via the asset management’s exchange-traded funds (ETFs), giving the company “a fiduciary responsibility and vested interest” in the success of GameStop.
Cole argues that Bitcoin is a superior alternative to holding cash as the crypto is an inflation hedge in terms of outpacing monetary debasement. Strive’s CEO suggests GameStop should focus on Bitcoin and avoid other cryptocurrencies, calling the benchmark crypto the “only true store of value” among digital assets.
Cole cautioned that speculative investments in alternative tokens could jeopardize financial stability, citing GameStop’s failed non-fungible token marketplace as a prime example of the risks of expanding into unproven digital assets. Instead, he believes that a Bitcoin-only approach would strengthen GameStop’s image as a “disciplined, forward-looking organization” while safeguarding long-term shareholder returns.
Strive proposed that GameStop raise additional capital via at-the-market stock offerings and convertible debt securities to purchase more Bitcoin. He also said that Bitcoin’s scarcity and growing institutional adoption position it as a long-term hedge against inflation and a “true savings asset.”
Cole’s proposal follows a report earlier this month that GameStop was considering investing in Bitcoin and alternative asset classes.
Notably, Gamestop’s acknowledgment of Strive’s letter comes as Bitcoin trades below $90,000, down from a peak of over $108,786 in January. Broadly, the crypto market has endured intense volatility, with a recent $1.5 billion hack on the Bybit crypto exchange exacerbating the already dire situation.
As of press time, it’s unclear whether or not GameStop intends to heed Strive’s proposal.
Invalidate / Stopout
$BTC Reversal Trade 🤘🏻Longs ON #Entry 87700$ #RajaWaric
67k is next Target 🎯
Bitcoin.com
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😂 Jim Cramer says BTC might drop even more! 🚀 Sounds like it's time to stack more sats, right? 🐂 What’s your take?
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#BTCNextMove Reversal Long Trade 97k TP $BTC
Good Content Share Thoughts 💭
Why leveraged and future trading is Haram in Islam? And how Binance can fix this?
There are about 1.9 billion Muslims around the world. Many of them would like to get involved in trading activities. However many trading modes are considered illegal (Haram) in Islam.
Some platforms would claim that their activities and trading modes are compliant with Islam rules (SHARIA) which is sadly incorrect. As a Muslim, I have conducted my own search, consulted different Islamic authorities and came up with the bottom line to share with everyone, especially with Binance themselves.
Considering Forex, margin and future contracts Haram in Islam is based on 2 main points. Which, if Binance can solve, would expose their services to a wide community of 1.9 billion persons.
1. Leverage is Haram because the platform takes money in exchange of lending the trader. However profit sharing is not Haram. So what the platform can do is to charge successful trade fees. And charge no fees on unsuccessful trades. On the other hand, the fees can be relatively high to cover the platform fees in case of failed trades. A Win-win deal.
2. Margin and future trading is Haram because it is not legal in Islam to sell what you don't own. To solve this, the platform can transfer the leveraged amount to the trader account for only the purpose of opening this or that trade. At closing of the position, the platform can withdraw this borrowed amount back. Of course the platform can find a way to lock this amount to be used only for opening the trade.
Spot trading is Halal. But we all know it is not as profitable as future trading. 🙂
Please feel free to share your ideas.
There are about 1.9 billion Muslims around the world. Many of them would like to get involved in trading activities. However many trading modes are considered illegal (Haram) in Islam.
Some platforms would claim that their activities and trading modes are compliant with Islam rules (SHARIA) which is sadly incorrect. As a Muslim, I have conducted my own search, consulted different Islamic authorities and came up with the bottom line to share with everyone, especially with Binance themselves.
Considering Forex, margin and future contracts Haram in Islam is based on 2 main points. Which, if Binance can solve, would expose their services to a wide community of 1.9 billion persons.
1. Leverage is Haram because the platform takes money in exchange of lending the trader. However profit sharing is not Haram. So what the platform can do is to charge successful trade fees. And charge no fees on unsuccessful trades. On the other hand, the fees can be relatively high to cover the platform fees in case of failed trades. A Win-win deal.
2. Margin and future trading is Haram because it is not legal in Islam to sell what you don't own. To solve this, the platform can transfer the leveraged amount to the trader account for only the purpose of opening this or that trade. At closing of the position, the platform can withdraw this borrowed amount back. Of course the platform can find a way to lock this amount to be used only for opening the trade.
Spot trading is Halal. But we all know it is not as profitable as future trading. 🙂
Please feel free to share your ideas.
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