Strive targets 75,000 Bitcoin from Mt. Gox claims to build Bitcoin treasury #CriptoNews

Vivek Ramaswamy’s Strive is looking to build its Bitcoin holdings by purchasing distressed Bitcoin claims at a discount, starting with claims tied to 75,000 Bitcoin at the bankrupt crypto exchange Mt. Gox.

Strive said in a May 20 regulatory filing that it partnered with 117 Castell Advisory Group LLC to target claims to Bitcoin (BTC) that have received definitive legal rulings but are still awaiting distribution.

The company said buying the claims would allow it to purchase Bitcoin at a discount and grow its Bitcoin per share ratio ahead of its planned reverse merger with Asset Entities — which is expected to be completed sometime mid this year.

Strive hasn’t disclosed any Bitcoin holdings but claims it will face fewer restrictions on purchasing Bitcoin than companies going public through Special Purpose Acquisition Company mergers.

Strive said it would need shareholder approval to pursue Mt. Gox claims. The company said it intends to lodge a filing with the Securities and Exchange Commission to outline the full terms of the proposed transaction. A proxy statement would then be sent to shareholders to seek their approval.

Strive would need to obtain shareholder approval relatively soon, as Mt. Gox is expected to fully repay its creditors by Oct. 31.

The Japan-based Mt. Gox was the largest Bitcoin exchange before it collapsed in 2014 from a security breach that resulted in the theft of approximately 750,000 Bitcoin.

Strive’s pivot to become a Bitcoin treasury company reflects a broader industry trend as more firms look to hold Bitcoin on their balance sheets as a long-term strategic asset.

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Twenty One Capital is another newly launched Bitcoin treasury firm that has received backing from the likes of Tether, SoftBank and Cantor Fitzgerald. The Jack Mallers-led firm plans to launch with 42,000 Bitcoin once it completes a blank-check merger with Cantor Equity Partners.

Asset Entities shares rise again on Mt. Gox plans

Asset Entities (ASST), a social media marketing company that Strive announced it would merge with on May 7 to create a Bitcoin investment company, has seen its shares close May 20 trading up 18.2% to $7.74, Google Finance data shows.

The latest share price bump brings its market cap to $122.1 million, and ASST is now up 1,170% since Strive announced its merger plan.

Strive is expected to own 94.2% of the combined entity once the reverse merger is complete, while Asset Entities will hold the remaining 5.8%.

The merged companies will be named Strive and Asset Entities, and will still trade under the ASST ticker.

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