After GameStop (GME) Takes Bitcoin (BTC), Strive's Matt Cole Turns His Eyes On Intuit (INTU)

After Convincing GameStop to Move to Bitcoin, Strive's Matt Cole Now Sets His Sights on Intuit

Cole expressed the view that Intuit's anti-platform and negative attitude towards Bitcoin could negatively impact shareholder value, suggesting that BTC be implemented as a strategic hedge.

James Van Straten | Edited by Sheldon Rebeck April 15, 2025, 6:00 PM

What you need to know:

• Strive CEO Matt Cole has criticized Intuit's Mailchimp for restricting Bitcoin-related content and called for a policy change.
• Cole suggested that Intuit consider adding Bitcoin to its reserves to protect against potential AI-induced disruptions to key products like TurboTax.
• Cole's letter follows the successful GameStop initiative, which confirmed its intention to hold bitcoin and completed a $1.5 billion convertible note offering.

Matt Cole, CEO of Strive Asset Management, recently convinced video game retailer GameStop to convert some of its cash reserves into bitcoin (BTC) and sent a letter urging financial software developer Intuit (INTU) to reverse what he called “censorship policies” and “anti-Bitcoin bias” that could threaten the stock’s long-term value.

In an April 14 open letter to Intuit CEO Sasan Goodarzi and board chair Susan Nora Johnson, Cole pointed to a recent case in which Intuit-owned email marketing platform Mailchimp disabled the account of the Trojan Bitcoin Club, a student group at the University of Southern California, for mentioning cryptocurrency in emails to its members.

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“We are concerned that Intuit’s censorship policies and anti-Bitcoin bias threaten the shareholder value the company has worked so hard to build,” Cole wrote, adding that he was writing on behalf of his clients, including Intuit shareholders. While Mailchimp eventually reinstated the account after public pressure, Cole noted that the incident illustrates a “broad pattern of deplatforming” that affects Bitcoin developers, educators, and businesses.

Cole stressed that such actions expose Intuit, known for its TurboTax tax software and QuickBooks accounting software, to reputational and legal risks, especially amid growing public concern about censorship in the tech industry and investigations by federal regulators, including the Federal Trade Commission (FTC), into whether platforms discriminate based on speech or affiliation.

“Mailchimp’s acceptable use policy is being used as a tool for political pressure rather than as a means to mitigate legitimate business risks,” Cole explained, adding that “customers and shareholders are beginning to question whether Intuit is making decisions based on ideology rather than fiduciary duties.”

The letter called on Intuit to reinstate accounts suspended for bitcoin-related content and to review Mailchimp's content policies to ensure that they are not politically motivated. It also raised the possibility of Intuit considering adding bitcoin to its corporate coffers as a hedge against AI failures.

“We believe that TurboTax, Intuit’s core product, is at high risk of AI-driven automation,” Cole said. “While we appreciate Intuit’s internal investment in AI, we believe additional hedging is warranted and that creating a bitcoin bank is the best option.”

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