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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.

U.S.-based spot Bitcoin exchange-traded funds (ETFs) recorded their biggest yet daily outflow as investor sentiment turned sour after Tuesday’s market bloodbath, with investors retreating from risk assets in dealing with increasing macroeconomic concerns after President Donald Trump’s tariff threats against Mexico and Canada. Bitcoin ETFs Lose Over $1 Billion In One Day The nearly a dozen spot Bitcoin exchange-traded funds on Feb. 25 suffered a combined net outflow of $1.01 billion in what is their sixth consecutive trading day of bleeding. Fidelity Wise Origin Bitcoin Fund (FBTC) led the exodus on Tuesday with $345 million, followed by $164.3 million outflows from BlackRock’s iShares Bitcoin Trust (IBIT), as per data from SoSoValue. Meanwhile, Valkyrie’s BRRR and Bitwise’s BITB lost $100 million and $88.3 million, respectively. Franklin Templeton’s EZBC logged outflows of $74 million, with Grayscale’s GBTC and Invesco’s BTCO saw outflows of $66 million and $62 million respectively. Grayscale’s GBTC, Franklin Templeton’s EZBC, and Invesco’s BTCO also posted sizable net outflows yesterday. The recent intense selling edged past the previous record-high outflow on Dec. 19, when the spot BTC ETFs saw $671.9 million in withdrawals after the price of Bitcoin plunged below $97,000 from its then-all-time high of around $108K. Broader Market Downturn Bitcoin touched a low of $86,000 on Tuesday, its lowest level since November. Although the top crypto has slightly rebounded to around $88,658 as of press time, it remains down 7% over the past week, per CoinGecko. Ethereum (ETH) and other major altcoins, such as Ripple’s XRP and Solana, suffered even steeper price declines. The global crypto market capitalization has declined 2.9% over the last 24 hours. The Crypto Fear and Greed Index, a measure of traders’ sentiment, has dropped from a score of 25 to 21 today, remaining in the “extreme fear” zone. Nevertheless, ETF Store President Nate Geraci stated in a Feb. 26 X post that he was “still amazed at how much TradFi hates Bitcoin and crypto.” “Huge victory laps at every downturn,” he added. “Hate to break it to you, but no matter how big drawdowns are, it’s not going away.”

Despite the recent crypto-wide market downturn, a widely-followed crypto analyst suggests that the original meme coin Dogecoin could be primed for a mega price bounce. According to the analyst, the latest pullback has produced a near-perfect cup-and-handle pattern on Dogecoin’s price chart. As such, he believes this bullish setup signals the start of a sustained run to $5 in the foreseeable future. Mapping Dogecoin’s Road To $5 In a Tuesday post on the X social media platform, crypto strategist CryptoELITES noted that a “big move” is already underway for Dogecoin. In an accompanying DOGE price chart, the anonymous crypto commentator illustrates the formation of a cup-and-handle pattern. A cup-and-handle setup is a bullish technical formation that appears when the price drops initially, followed by a U-shaped recovery resembling a “cup.” The recovery is then followed by a period of consolidation, which looks like a “handle.” In technical analysis, the pattern typically resolves when the price breaks above the handle and rises by as much as the maximum distance between the cup’s trough and the neckline. A successful breakout from a cup-and-handle pattern can spark a meteoric rise since the setup confirms a trend bottom and then a higher sideways consolidation during its formation. That puts the doggy-themed crypto’s cup-and-handle breakout target at around $5, up by more than 2,300% from current price levels. Analyst Predicts Major Breakout For DOGE In 2025 In the meantime, analyst Trader Tardigrade has suggested that Dogecoin is approaching a potential breakout that will result in a double-digit price, indicating that the $5 prediction is rather conservative. In his Feb. 25 post on X, Trader Tardigrade proclaimed that a 4,635% rally to $10 DOGE is possible this cycle based on historical patterns. According to his analysis, the meme coin has historically endured a massive price correction just before a “super HUGE bull run.” He observes in a chart that the canine-themed meme coin followed a similar pattern in 2017 and 2021, falling 60% and 56%, respectively. Nevertheless, DOGE rose significantly from there, registering 8,900% and 30,500% price eruptions in 2017 and 2021. Tardigrade stressed that Dogecoin had concluded a 50% retreat from its January high and successfully retested the levels from where the structure broke. Therefore, the asset’s next target is $10.

Solana futures ETFs launch, boosting crypto’s path to regulation : Volatility Shares has launched the first Solana futures ETFs, marking a key step in the growing integration of cryptocurrency into regulated financial markets. Volatility Shares has launched the first Solana futures ETFs, marking a significant step forward in cryptocurrency investment products. The two ETFs, Volatility Shares 2x Solana ETF (SOLT) and Solana ETF (SOLZ), are now listed on the Depository Trust & Clearing Corporation (DTCC). This means that they are eligible for clearing and settlement through DTCC’s infrastructure, streamlining the trading process and offering more security

Mask Network CEO Suji Yan linked to $4M crypto hack Blockchain analytics firm Cyvers Alerts detected via X suspicious transactions tied to Mask Network CEO Suji Yan, with nearly $4 million in digital assets transferred to a suspicious address. The funds, including $ETH, $WETH, $MASK and $USDT, were quickly swapped for ETH and dispersed across six wallets. The investigation was supported by on-chain analyst ZachXBT.