Strive Eyes Mt Gox Bitcoin at Discount for Stockpile

Vivek Ramaswamy’s Strive is in the early stages of attempting to purchase Bitcoin at a discounted rate from sources such as Mt. Gox’s estate. The exact price and quantities of Bitcoin involved in this potential deal are not yet determined. Mt. Gox, an early crypto exchange that collapsed, still holds approximately 75,000 Bitcoins and is in the process of reimbursing its creditors. It remains uncertain whether Strive will successfully secure this discounted Bitcoin deal.

Strive, an asset management company, has been actively seeking to build its Bitcoin stockpile by acquiring assets from overlooked sources. According to an SEC filing, the firm is evaluating the potential of sources like Mt. Gox, which has received definitive legal judgments but remains pending distribution. This strategy aims to allow Strive to purchase Bitcoin exposure at a discount to market price, thereby enhancing Bitcoin per share. The partnership for this endeavor is with 117 Castell Advisory Group LLC, a firm with a minimal digital footprint, registered as a Georgia-based company.

Vivek Ramaswamy, the founder of Strive, has a long history of crypto advocacy. He filed to create a Bitcoin Bond ETF last December and has plans for Strive to become a Bitcoin-focused company, intending to spend billions on BTC. The firm has been building its practical capacity to buy significant amounts of Bitcoin, including merging with Asset in mid-May as part of a plan to become a more capable contender in the market. However, the firm has not provided detailed plans on how it intends to acquire Mt. Gox’s Bitcoin reserves at discounted prices, given that Mt. Gox is still in the process of reimbursing its creditors.

Strive’s plans to acquire discounted Bitcoin from Mt. Gox represent a significant business opportunity if successful. However, the outcome of this endeavor remains uncertain, as the firm has not provided detailed information on its strategy. The filing primarily concerns legal terms, with Bitcoin mentioned only in the opening paragraph. Neither Strive nor Ramaswamy has elaborated on their plans in greater detail, making it difficult to predict the outcome of this initiative. The firm will need determination to see this plan through, especially with competitors like MicroStrategy and Metaplanet already holding substantial amounts of BTC.