Activist investors pushing Bitcoin for struggling companies

Activist investors have a new obsession: Urging companies to hold (or HODL, as crypto enthusiasts say) Bitcoin on their balance sheets to boost revenue and possibly transform their businesses by betting on the cryptocurrency’s staying power.

Last week, Strive Asset Management CEO Matt Cole revealed on X he was pushing GameStop — the beloved meme stock which has struggled to find a sustainable income stream beyond game cartridges — to invest in Bitcoin.

Cole believes that, in a decade, every major company in the stock market will follow suit. And he told NYNext he plans to advise dozens of them to buy Bitcoin this year.

“Zombie companies that have no viability to exist can prepare for the future by having Bitcoin on their balance sheets. My message: Buy Bitcoin unless you see opportunities to spend that asset in a way that will outperform Bitcoin,” Cole said. “When companies own cash, they put it in short-term treasuries or spend it on stock buybacks or dividends … but Bitcoin has actually gone up in real purchasing power over the last few years.”