Strive’s Bold Move: Targeting Intuit for Bitcoin Adoption

Strive Asset Management is intensifying its campaign to integrate Bitcoin into corporate strategies. Following its prosperous engagement with GameStop (GME), strive’s CEO, Matt Cole, has now turned his attention to Intuit (INTU), the financial software giant. In a recently released letter, Cole criticizes Intuit for alleged anti-Bitcoin censorship and advocates for the company to adopt Bitcoin as a strategic treasury reserve.

Mailchimp Controversy: Censorship or Policy Enforcement?

The core of Strive’s criticism revolves around Intuit’s email marketing platform,Mailchimp. Cole’s letter highlights the temporary deactivation of the University of Southern California’s Trojan Bitcoin Club account, reportedly for simply mentioning Bitcoin. While Mailchimp reinstated the account following public outcry, Strive argues that the initial action reveals a concerning bias.

We are concerned that Intuit’s censorship policies and anti-bitcoin bias threaten to destroy the shareholder value the company has worked so hard to create.

Matt Cole, CEO of Strive Asset Management

Cole asserts that Intuit is weaponizing its Acceptable Use Policy for political purposes, potentially exposing the company to legal and reputational risks. This incident raises questions about the extent to which tech platforms should regulate content related to cryptocurrencies.

A Bitcoin Treasury: Hedging Against AI Disruption

Beyond content policies, Strive is urging Intuit to consider adding bitcoin to its corporate balance sheet. Cole argues that the rapid advancement of artificial intelligence poses a significant threat to Intuit’s core products, such as TurboTax and QuickBooks.

TurboTax has a high risk of being automated away by AI. A Bitcoin war chest is the best option available.

Matt Cole, CEO of Strive Asset Management

By diversifying into Bitcoin, Intuit could potentially hedge against the disruptive forces of AI and position itself for long-term growth in a rapidly evolving technological landscape. This strategy mirrors Strive’s previous success with GameStop, which announced plans to hold Bitcoin after a similar appeal.

Market Reactions: The “Bitcoin Effect”

The market’s response to companies embracing Bitcoin has been notable. Earlier this month, HK Asia Holdings (HK:1723), a Hong Kong-based firm, witnessed its stock price nearly double after announcing it was considering a Bitcoin purchase. This surge underscores the potential for companies to benefit from signaling an openness to Bitcoin.

Michael Saylor’s Strategy (formerly MicroStrategy) (MSTR) serves as a prime example. With over 531,000 Bitcoin, valued at over $36 billion, Strategy has become synonymous with corporate Bitcoin adoption. Saylor’s aggressive strategy has transformed strategy into a de facto Bitcoin proxy on public markets, demonstrating the potential for significant market impact.

Intuit’s Next Move: To Embrace or Resist?

Strive’s campaign presents Intuit with a critical decision: embrace Bitcoin and potentially unlock new opportunities, or maintain its current stance and risk falling behind in a rapidly changing financial landscape.The company’s response will be closely watched by investors and industry observers alike.

INTU Stock: Analyst Outlook

Despite the ongoing debate surrounding Bitcoin, analysts remain generally optimistic about INTU stock. The consensus rating is a “Strong Buy,” based on 18 “Buy” and two “Hold” ratings. While INTU has decreased by 2% over the past year, the average price target of $718.17 suggests a potential upside of 21% from current levels. (Source: TipRanks)

Investors should conduct their own thorough research before making any investment decisions.