Strive, founded by Vivek Ramaswamy, is looking to scoop up 75,000 Bitcoin tied to Mt. Gox, the bankrupt exchange that famously collapsed in 2014. These Bitcoins are part of claims that have already received legal clearance but haven’t yet been distributed. By acquiring them, Strive hopes to buy Bitcoin at a discount and boost its crypto holdings fast.
The Plan Behind the Purchase
In a May 20 filing, Strive revealed its partnership with 117 Castell Advisory Group to pursue the claims. The company says this move will help it grow its Bitcoin-per-share ratio ahead of its reverse merger with Asset Entities, a deal expected to wrap up by mid-2025. Interestingly, Strive hasn’t disclosed any Bitcoin holdings yet but claims it has more flexibility than typical public companies when it comes to buying BTC.
What’s Next? Shareholder Green Light
Before making a move, Strive will need shareholder approval. The firm is preparing a filing for the SEC and will send out a proxy statement to outline the deal and get the go-ahead. In the meantime, Mt. Gox is expected to repay its creditors by October 31, meaning Strive has to act fast.
Mt. Gox was once the biggest Bitcoin exchange before a 2014 hack wiped out 750,000 BTC. Creditors have waited over a decade for repayment, and now companies like Strive are stepping in to grab discounted claims.
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A Trend Among Bitcoin Treasury Firms
Strive isn’t alone. New firms like Twenty One Capital, backed by Tether and SoftBank, are also diving into the Bitcoin treasury game, planning to launch with tens of thousands of BTC.
Moreover, Strive’s merger partner, Asset Entities (ASST), has seen its stock skyrocket, jumping 18.2% on May 20 and up 1,170% since the merger news broke. Once the deal closes, Strive will control 94.2% of the merged company, which will continue trading under the ASST ticker.
Strive Joins the Bitcoin Rush
Overall, the move shows that Strive’s motive to buy more Bitcoin follows the lead of big players like Michael Saylor’s Strategy and Japan’s Metaplanet. Just this week, Strategy grabbed 7,390 BTC worth nearly $765 million, bringing its stash to over 576,000 BTC. Metaplanet also added 1,004 BTC, now holding 7,800 in total. Everyone’s racing to load up on Bitcoin, and Strive wants in too.
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