Strive Aims to Boost Bitcoin Holdings with Mt Gox Claims Acquisition

Strive, a company led by Vivek Ramaswamy, is aiming to bolster its Bitcoin holdings by acquiring distressed Bitcoin claims at a discounted rate. The company has set its sights on claims tied to 75,000 Bitcoin from the defunct crypto exchange Mt. Gox. This strategic move is part of Strive's plan to build a substantial Bitcoin treasury, which will be facilitated through a partnership with 117 Castell Advisory Group LLC. The partnership will focus on claims that have received definitive legal rulings but are still awaiting distribution.

Strive's plan involves purchasing these claims to acquire Bitcoin at a discount, thereby increasing its Bitcoin per share ratio. This initiative is in preparation for its planned reverse merger with Asset Entities, which is expected to be completed mid this year. Unlike companies going public through Special Purpose Acquisition Company (SPAC) mergers, Strive claims it will face fewer restrictions on purchasing Bitcoin.

To proceed with the acquisition of Mt. Gox claims, Strive will need shareholder approval. The company intends to file with the Securities and Exchange Commission to outline the full terms of the proposed transaction. A proxy statement will then be sent to shareholders to seek their approval. The urgency of this process is highlighted by the fact that Mt. Gox is expected to fully repay its creditors by October 31.

Mt. Gox, once the largest Bitcoin exchange, collapsed in 2014 due to a security breach that resulted in the theft of approximately 750,000 Bitcoin. Strive's strategy to become a Bitcoin treasury company aligns with a broader industry trend where more firms are looking to hold Bitcoin as a long-term strategic asset on their balance sheets.

Another firm following a similar path is Twenty One Capital, which has received backing from notable entities. Twenty One Capital plans to launch with 42,000 Bitcoin once it completes a blank-check merger with Cantor Equity Partners. This trend indicates a growing interest in Bitcoin as a strategic asset, with companies seeking to leverage its potential for long-term growth.