In a bold move to bolster its Bitcoin reserves, Vivek Ramaswamy’s Strive has set its sights on acquiring claims tied to a staggering 75,000 Bitcoin from the beleaguered Mt. Gox exchange. This ambitious strategy, revealed in a regulatory filing on May 20, involves partnering with 117 Castell Advisory Group LLC to target claims that have already received definitive legal rulings but remain in limbo awaiting distribution.
Discounted Bitcoin Acquisition
Strive’s plan to snap up these distressed claims could see the company purchasing Bitcoin at a discount—a potentially lucrative maneuver as it gears up for a reverse merger with Asset Entities, anticipated to close mid-2025. While Strive has yet to disclose its current Bitcoin holdings, the firm argues it will encounter fewer hurdles in acquiring Bitcoin compared to entities going public via Special Purpose Acquisition Company (SPAC) mergers. “This approach allows us to grow our Bitcoin per share ratio while navigating fewer regulatory constraints,” a Strive spokesperson said.
The merger with Asset Entities—a social media marketing firm whose stock has skyrocketed since the announcement—demonstrates Strive’s commitment to integrating Bitcoin into its corporate strategy. As of May 20, Asset Entities’ shares surged 18.2% to $7.74, boosting its market capitalization to $122.1 million—a remarkable 1,170% increase since the merger plans were publicized.
A Strategic Shift in the Industry
Strive’s pivot towards becoming a Bitcoin treasury company underscores a broader industry trend: more corporations are gravitating towards holding Bitcoin as a strategic asset on their balance sheets. This move aligns with a growing sentiment among firms to treat Bitcoin as a long-term investment, akin to gold. Industry expert Emily Jacobs notes, “We’re witnessing a paradigm shift where Bitcoin is increasingly seen as a hedge against economic uncertainty—a digital fortress, if you will.” This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
Another player in this strategic shift is Twenty One Capital, a Bitcoin treasury firm backed by heavyweights like Tether, SoftBank, and Cantor Fitzgerald. Led by Jack Mallers, the firm plans to launch with 42,000 Bitcoin following a blank-check merger with Cantor Equity Partners. This burgeoning interest in Bitcoin treasuries raises questions about how traditional financial institutions will adapt in the face of decentralized digital assets gaining traction. Similarly, Metaplanet’s recent move to register a U.S. Treasury arm to grow its Bitcoin reserve strategy, as reported in Metaplanet Registers U.S. Treasury Arm to Grow Its Bitcoin Reserve Strategy, highlights the growing trend of companies expanding their Bitcoin holdings.
Historical Context and Future Implications
The narrative of Mt. Gox is a cautionary tale etched into the annals of cryptocurrency history. Once the largest Bitcoin exchange globally, it crumbled in 2014 after a crippling security breach led to the theft of approximately 750,000 Bitcoin. Strive’s maneuver to acquire claims associated with the exchange is not only a testament to its business acumen but also a nod to the resilience and evolving nature of the crypto space.
However, Strive is racing against the clock; shareholder approval is imperative and must be secured swiftly, as Mt. Gox is slated to fully repay its creditors by October 31, 2025. Strive plans to file with the Securities and Exchange Commission to detail the transaction terms and seek shareholder consent through a proxy statement.
The implications of this move are manifold. Could Strive’s strategy herald a new era of corporate Bitcoin treasuries? Or will the volatility that plagues the cryptocurrency market prove too daunting for traditional firms venturing into digital assets? As the landscape continues to evolve, only time will tell how these dynamics will unfold. For now, the eyes of the crypto world remain fixated on Strive and its ambitious bid to cement its place in the Bitcoin treasury domain.
Source
This article is based on: Strive targets 75,000 Bitcoin from Mt. Gox claims to build Bitcoin treasury
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
