Strive Asset Management’s latest push to persuade major corporations to allocate portions of their balance sheet to Bitcoin has landed at the doorstep of Intuit, the $165 billion fintech firm behind TurboTax, Mailchimp, and other prominent software solutions. The effort follows Strive’s earlier success with GameStop, the video game retailer that agreed to add BTC on its balance sheet after months of private engagement.
Strive Ramps Up Bitcoin Blitz
In an open letter dated April 14, Strive’s Chief Executive Officer Matt Cole called upon Intuit’s top leadership—CEO Sasan Goodarzi and Independent Board Chair Suzanne Nora Johnson—to consider adding Bitcoin to Intuit’s reserves. Cole wrote that while the company’s “growth is admirable,” a BTC treasury allocation could serve as a hedge “against potential disruption caused by artificial intelligence.” While praising Intuit’s strategic transformation and rise in the fintech sector, Cole conveyed alarm that Mailchimp, Intuit’s email marketing platform, is engaged in “censorship and politicized deplatforming” of Bitcoin-related content creators, which he warned could expose shareholders to reputational and legal risks.
Cole cited a recent incident involving the Trojan Bitcoin Club at the University of Southern California. According to the letter, Mailchimp “closed their account despite the fact that the group does not buy, sell or trade crypto” and instead focuses on educational activities. Although Mailchimp later reversed its decision, the account was reportedly reinstated only on the condition that the club not discuss the exchange of Bitcoin.
Cole observed that this was “not an isolated event,” pointing to other Bitcoin advocates—including podcaster Natalie Brunell and software developers—who have claimed they were denied Mailchimp’s services. “We are concerned that Intuit’s censorship and deplatforming policies discriminate against Bitcoin enthusiasts,” Cole wrote, adding that these measures “may have significant financial repercussions for shareholders” and could subject Intuit to potential scrutiny from federal regulators, particularly the Federal Trade Commission.
Raising the specter of regulatory investigations, Cole underscored a new FTC inquiry into “how technology platforms deny or degrade users’ access to services based on the content of their speech or affiliations.” He also noted that Intuit has previously faced FTC action over its advertising practices, suggesting there is heightened exposure to legal risk should Mailchimp’s policies prompt government attention again. “If Mailchimp continues its present course, its legal liability could be staggering,” Cole wrote, warning that a federal investigation “alone could cost millions in legal fees, distract the company from its core business, and alienate even more customers.”
Call For A Bitcoin Treasury
Strive’s critique further took aim at Intuit’s purported “anti-Bitcoin bias,” which Cole believes may blind the company to the value of establishing a “Bitcoin war chest.” Citing AI as the next wave of disruptive technology, Cole argued that a corporate BTC reserve could provide Intuit with strategic capital to weather changes in the market.
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“Strive is further concerned that Intuit’s bias against Bitcoin has left the company with an institutional blind spot when it comes to investing its own cash flows to maximize the company’s long-term success. In particular, we fear that Intuit’s anti-Bitcoin stance may make it reluctant to consider a treasury allocation to Bitcoin as a viable insurance policy against potential AI disruption,” the letter notes.
Strive cites research data that “the S&P 500 will be replaced over the next 10 years,” adding “we believe AI is the technological disruptor of our generation, and that companies must position themselves now to mitigate these risks and find alternative means of sustaining shareholder value over time. We believe that TurboTax, Intuit’s flagship product, has a high risk of being automated away by AI.”
Strive’s position, as framed by Cole, is that maintaining a BTC allocation would allow Intuit to counteract the AI revolution. “We believe an additional hedge is warranted, and that a Bitcoin war chest is the best option available. With a fixed and verifiable supply cap of only 21 million coins, in an era of unchecked monetary expansion, we believe Bitcoin is poised to continue appreciating in value over time. […] We believe creating a Bitcoin war chest now will ensure that Intuit will have enough strategic capital to weather the AI storm and act from a position of strength through the turbulence of the AI revolution.”
The letter concluded with a clear list of requests, even though it did not label them as such, urging Intuit to reinstate closed accounts, revise its policy to remove any blanket bans on BTC or crypto-related content, commit to avoiding politically driven censorship decisions, and consider building a Bitcoin treasury. “We look forward to engaging with you on these issues,” Cole stated, reiterating Strive’s focus on “maximizing long-term shareholder value on behalf of our clients.”
Neither Intuit nor Mailchimp provided a response in the text of the letter published on Strive’s website, leaving open the question of whether Goodarzi or other Intuit leaders will heed Strive’s call.
At press time, BTC traded at $83,287.
Featured image created with DALL.E, chart from TradingView.com
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