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Strive’s Ambitious Bitcoin Treasury Plan: Targeting 75,000 BTC from Mt. Gox Claims

Vivek Ramaswamy’s Strive is on a mission to significantly bolster its Bitcoin holdings. Their strategy? Acquiring discounted distressed Bitcoin claims, beginning with a substantial target: 75,000 BTC tied to the infamous Mt. Gox bankruptcy.

In a May 20 regulatory filing, Strive revealed a partnership with 117 Castell Advisory Group LLC to pursue these claims. These BTC claims, while possessing definitive legal rulings, remain undistributed, presenting a unique acquisition opportunity.

This strategic move allows Strive to accumulate Bitcoin at a potentially lower cost, substantially increasing its Bitcoin-per-share ratio. This is particularly advantageous ahead of their planned reverse merger with Asset Entities, expected to finalize mid-year. While Strive hasn’t publicized existing Bitcoin holdings, they assert a competitive edge over SPAC mergers in acquiring Bitcoin.

Strive targets 75,000 Bitcoin from Mt. Gox claims to build Bitcoin treasury
Advantages of going public via a reverse merger compared with a SPAC merger. Source: Strive

Securing these Mt. Gox claims necessitates shareholder approval. Strive plans to submit a Securities and Exchange Commission filing detailing the transaction, followed by a proxy statement for shareholder vote. Time is of the essence; Mt. Gox aims for complete creditor repayment by October 31, 2025.

The Mt. Gox saga, involving the 2014 theft of roughly 750,000 BTC, serves as a stark reminder of the cryptocurrency exchange’s vulnerability. Strive’s initiative reflects a growing trend of companies building substantial Bitcoin treasuries for long-term strategic asset diversification.

Related: Bitcoin ETFs bought 6x more BTC than miners produced last week

Another notable Bitcoin treasury firm, Twenty One Capital, backed by significant players like Tether, SoftBank, and Cantor Fitzgerald, is preparing to launch with 42,000 BTC post-merger. This competitive landscape highlights the increasing institutional interest in Bitcoin.

Asset Entities’ Stock Surge

Asset Entities (ASST), Strive’s merger partner, experienced an 18.2% share price increase on May 20, closing at $7.74. This surge, totaling 1,170% since the merger announcement, values ASST at $122.1 million. Post-merger, Strive will hold 94.2% of the combined entity, trading under the ASST ticker.

Magazine: Danger signs for Bitcoin as retail abandons it to institutions: Sky Wee

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