Strive Targets 75,000 Bitcoin from Mt. Gox Claims to Build Strategic Treasury

Strive, the investment firm founded by Vivek Ramaswamy, is making a bold move into Bitcoin by targeting 75,000 BTC through distressed claims tied to the defunct Mt. Gox exchange. In a regulatory filing dated May 20, Strive revealed its partnership with 117 Castell Advisory Group LLC to pursue claims that have received legal approval but are still awaiting payout.

The company sees this as a strategic opportunity to acquire Bitcoin at a discount, bolstering its Bitcoin-per-share ratio ahead of a planned reverse merger with Asset Entities—a social media marketing company. The merger, expected to close by mid-2025, would transition the firm into a publicly listed Bitcoin investment company.

Though Strive has not publicly disclosed any Bitcoin holdings yet, it emphasized that it faces fewer restrictions on acquiring Bitcoin than firms going public via traditional Special Purpose Acquisition Companies (SPACs).

Advantages of going public via a reverse merger compared with a SPAC merger. Source: Strive

To proceed with the acquisition of the Mt. Gox claims, Strive will require shareholder approval. It plans to file a formal proposal with the U.S. Securities and Exchange Commission and distribute a proxy statement to shareholders for a vote. The timeline is tight, as Mt. Gox is anticipated to complete creditor repayments by October 31, 2025.

Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 following a massive security breach that led to the loss of around 750,000 BTC. The ongoing repayment process has presented a unique opportunity for investors like Strive to gain access to Bitcoin through secondary claim markets.

Strive’s transformation into a Bitcoin treasury firm reflects a growing trend among companies adopting Bitcoin as a long-term balance sheet asset. Similar moves have been made by firms like Twenty One Capital, which is backed by Tether, SoftBank, and Cantor Fitzgerald. Twenty One Capital is set to launch with 42,000 BTC through a merger with Cantor Equity Partners.

The market has responded positively to Strive’s strategic shift. Asset Entities (ASST) stock surged 18.2% on May 20, closing at $7.74 and pushing its market cap to $122.1 million. Since the merger announcement on May 7, ASST shares have skyrocketed by over 1,170%.

Upon completion of the reverse merger, the combined entity will retain the name "Strive and Asset Entities" and continue trading under the ASST ticker. Strive will hold a 94.2% stake in the merged company, while Asset Entities will own the remaining 5.8%.