Strive Targets Mt. Gox Bitcoin Claims to Boost Treasury Ahead of Reverse Merger

Strive, the investment firm founded by former U.S. presidential candidate Vivek Ramaswamy, is positioning itself as a major Bitcoin player by acquiring distressed crypto assets, starting with claims tied to the infamous Mt. Gox exchange. In a regulatory filing submitted on May 20, Strive revealed its plan to purchase claims representing up to 75,000 Bitcoin, aiming to expand its crypto holdings at a discount. Strive Eyes Discounted Bitcoin Partnering with 117 Castell Advisory Group LLC, Strive intends to target legally settled Bitcoin claims that are yet to be distributed. These claims, primarily from the defunct Mt. Gox platform, offer a unique opportunity for Strive to acquire Bitcoin well below current market prices. The firm is leveraging this strategy to boost its Bitcoin-per-share metric before completing its reverse merger with social media marketing company Asset Entities (ASST), which is anticipated to close mid-year. While Strive has yet to publicly disclose any existing Bitcoin holdings, it asserts that it will encounter fewer restrictions on acquiring Bitcoin than other firms going public via SPACs. The company emphasized that it will require shareholder approval to proceed with the Mt. Gox claim purchases. A detailed proposal outlining the terms will soon be filed with the U.S. Securities and Exchange Commission (SEC), followed by a proxy statement for shareholder consideration. With Mt. Gox trustee expected to finalize creditor repayments by October 31, time is of the essence for Strive to secure its position. The now-defunct Japan-based exchange was once the world’s largest Bitcoin trading platform before collapsing in 2014 following a massive security breach that resulted in the loss of around 750,000 Bitcoin. Merger Buzz Lifts Asset Entities Shares The reverse merger with Asset Entities has already sparked excitement in the market. On May 20, ASST shares surged 18.2% to $7.74, pushing its market cap to $122.1 million, according to Google Finance data. Since the merger was announced on May 7, Asset Entities’ stock has skyrocketed 1,170%. Once the deal is finalized, Strive is expected to own 94.2% of the newly combined company, with Asset Entities retaining 5.8%. The merged firm will continue operating under the ASST ticker, reflecting the company’s strategic shift toward becoming a dedicated Bitcoin treasury company. This move aligns with broader industry trends seen in firms like Twenty One Capital, which also aim to hold substantial Bitcoin reserves . The post Strive Targets Mt. Gox Bitcoin Claims to Boost Treasury Ahead of Reverse Merger appeared first on TheCoinrise.com .

Source: The Coin Rise