Key Takeaways
- Strive is seeking to acquire 75,000 Bitcoin from Mt. Gox claims.
- The company plans to grow its Bitcoin holdings ahead of a reverse merger with Asset Entities.
- Mt. Gox is expected to repay creditors by October 31.
Strive, led by Vivek Ramaswamy, is aiming to purchase distressed Bitcoin claims tied to the defunct exchange Mt. Gox, targeting a total of 75,000 Bitcoin.
In a regulatory filing on May 20, Strive disclosed a partnership with 117 Castell Advisory Group LLC to acquire claims that have received definitive legal rulings but remain pending distribution.
Strategic benefits of the acquisition
These claims, if secured, would enable Strive to acquire Bitcoin at a discounted rate as it prepares for a reverse merger with Asset Entities, expected to be completed by mid-2025.
The company said this strategy would increase its Bitcoin-per-share ratio.
Unlike firms that go public through Special Purpose Acquisition Companies (SPACs), Strive says it will face fewer restrictions on buying Bitcoin.
Shareholder approval and timing
The company will require shareholder approval to move forward with purchasing the Mt. Gox claims.
A proxy statement will be filed with the SEC before being sent to shareholders.
The timing is crucial, as Mt. Gox is scheduled to repay creditors by October 31.
Historical context of Mt. Gox
Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 after losing around 750,000 Bitcoin in a security breach.
Industry trends and comparisons
This move mirrors other recent efforts by firms like Twenty One Capital, which is backed by Tether and SoftBank, to hold Bitcoin as a treasury asset.
Impact on asset entities
Asset Entities, which will merge with Strive, saw its stock surge 18.2% on May 20, pushing its market cap to $122.1 million — up 1,170% since the merger was announced.
