The CEO of GameStop listens to a request to exchange$ 5 billion in Bitcoin.

Strive Asset Management has recommended that the video game store convert nearly$ 5 billion in cash resources to Bitcoin, claiming that this would make the business the “premier Bitcoin government business in the gambling field.”

The plan, dated February 24 and signed by Strive CEO Matt Cole, was acknowledged by GameStop Chairman and CEO Ryan Cohen, who posted” Letter received” on social media on Tuesday without elaborating more.

Stores has not officially commented on whether it did consider Strive’s plan. The business did not immediately respond to Decrypt’s request for comment.

Try, an investment company co-founded by Vivek Ramaswamy, a former U. S. presidential candidate, has positioned itself as an activist for business methods that prioritize shareholder value over economic, social, and leadership concerns. &nbsp,

The letter asserts that Bitcoin is a better way to hold cash than what it would be if inflation had caused it to be a” shrinking asset.” &nbsp,

It points to recent accounting changes that have made Bitcoin a more appealing corporate treasury asset, making it a more appealing asset for corporations to deduct unrealized gains as profit.

The company also urged GameStop to steer clear of investments in other cryptos, citing Bitcoin as the only” true store of value” among digital assets. &nbsp,

It warned that speculative investments in alternative tokens could undermine financial stability and cited GameStop’s failed NFT market as an illustration of the dangers of slicing into untested digital assets.

Strive’s proposal also called for a reduction in GameStop’s retail footprint, applauding its exit from Canada, France, and Germany while recommending further store closures as the industry shifts toward digital game sales. &nbsp,

Instead of operating in rentable physical locations, the company suggested that it concentrate on e-commerce and AI-driven services.

Strive suggested that GameStop raise additional capital through at-the-market stock offerings and convertible debt securities to finance Bitcoin purchases, arguing that its high trading volume makes these moves feasible. &nbsp,

Strive claimed that Bitcoin serves as a long-term reserve asset and a strategic reserve due to its scarcity and growing institutional adoption.

The proposal comes as Bitcoin trades below$ 89, 000, down from a peak of over$ 109, 000 in January. The broader crypto market has faced heightened volatility, with a$ 1.5 billion hack on exchange Bybit adding to uncertainty. &nbsp,

Cohen has remained largely silent on the company’s long-term strategy but has previously indicated a shift toward a leaner model, focusing on “value-added” items.

The CEO posted an untitled photo earlier this month of himself standing next to Strategy CEO Michael Saylor, further bolstering the rumor that Cohen is considering Bitcoin as a potential investment.

The company’s stock, which remains popular among retail traders, closed 2.36 % down on the day to$ 24.32 and remains little changed in after-hours trading.