TLDR:

Strive plans to build a 75,000 Bitcoin treasury by acquiring discounted claims from bankrupt exchange Mt. Gox
The company is pursuing a reverse merger with Asset Entities (ASST), whose stock price has surged 1,170% since the announcement
Strive has partnered with 117 Castell Advisory Group LLC to target Bitcoin claims awaiting distribution
Mt. Gox is expected to fully repay creditors by October 31, creating a deadline for Strive’s shareholder approval
Asset Entities’ market cap has grown to $122.1 million amid the strategic pivot to become a Bitcoin investment company

Strive Asset Management, co-founded by Vivek Ramaswamy, has unveiled plans to build a substantial Bitcoin treasury through an innovative approach: purchasing distressed Bitcoin claims from the notorious Mt. Gox exchange bankruptcy at discount prices.

The company detailed its strategy in a May 20 SEC filing. Strive has formed a partnership with 117 Castell Advisory Group LLC specifically to acquire Bitcoin claims that have received legal approval but remain in distribution limbo from the Mt. Gox bankruptcy process.

This approach would allow Strive to purchase Bitcoin below market value. The company aims to accumulate approximately 75,000 Bitcoin through this method, creating a major crypto treasury ahead of its planned reverse merger with Asset Entities.

The timing is critical for Strive’s plans. Mt. Gox is scheduled to complete creditor repayments by October 31, setting a firm deadline for Strive to secure shareholder approval for the claims acquisition.

Corporate Bitcoin Strategy

Strive’s interest in building a Bitcoin treasury aligns with a growing trend among corporations. Many companies are adding Bitcoin to their balance sheets as a strategic asset amid economic uncertainties.

The company still needs to clear several regulatory hurdles. It plans to file complete transaction details with the SEC and will require shareholder approval via proxy statement before proceeding with the Mt. Gox claims acquisition.

The reverse merger with Asset Entities is expected to close by mid-year. Under the agreement, Strive would own 94.2% of the combined entity, while Asset Entities would retain 5.8%.

Asset Entities, currently a social media marketing firm, has seen extraordinary market performance since the merger announcement. Its stock price jumped 18.2% on May 20 alone, contributing to a staggering 1,170% increase since Strive’s merger plans became public.

Market Impact and Competition

The market has responded favorably to Strive’s strategic pivot. Asset Entities’ market capitalization has grown to $122.1 million, reflecting investor enthusiasm for the Bitcoin-focused business model.

Strive is not alone in pursuing a Bitcoin treasury strategy. Twenty One Capital, backed by major firms including Tether, SoftBank, and Cantor Fitzgerald, is planning to launch with 42,000 Bitcoin following a blank-check merger.

Other Nasdaq-listed companies have announced similar Bitcoin acquisition plans. Basel Medical Group is negotiating a $1 billion Bitcoin purchase, while Singapore-based DigiAsia has committed $100 million to Bitcoin with plans to allocate up to 50% of future profits to additional acquisitions.

The Mt. Gox bankruptcy represents both opportunity and challenge for Strive. Once the world’s largest Bitcoin exchange, Mt. Gox collapsed in 2014 after a security breach resulted in the theft of approximately 750,000 Bitcoin.

Strive believes its approach offers advantages over other public market entry methods. According to the company, pursuing a reverse merger rather than a SPAC merger will result in fewer restrictions on its Bitcoin purchasing capabilities.

The merged entity will continue to trade under Asset Entities’ ASST ticker symbol but will operate under the name “Strive and Asset Entities” as it implements its Bitcoin-focused investment strategy.

Through this approach, Strive aims to increase its Bitcoin-per-share ratio, creating value for shareholders while establishing itself as a major player in the institutional Bitcoin space.

The post Vivek Ramaswamy’s Strive: Plans 75,000 Bitcoin Purchase Through Mt. Gox Claims Acquisition appeared first on CoinCentral.

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Filed under: News - @ May 21, 2025 9:23 am