Strive, the investment venture tied to entrepreneur and former U.S. presidential candidate Vivek Ramaswamy, is making an ambitious play in the crypto world by targeting one of the largest pools of distressed Bitcoin assets still on the market. In a move that blends savvy financial strategy with a deep belief in Bitcoin’s future, Strive announced it is looking to acquire claims tied to 75,000 Bitcoin from the long-defunct Mt. Gox exchange.
Revealed in a May 20 regulatory filing, Strive disclosed that it has teamed up with 117 Castell Advisory Group LLC to purchase creditor claims from Mt. Gox’s bankruptcy estate. These claims — which have already received definitive legal recognition but haven’t yet been distributed — could allow Strive to amass a large volume of Bitcoin at below-market prices.
This acquisition strategy fits into Strive’s broader goal of building a Bitcoin treasury — essentially positioning itself similarly to firms like MicroStrategy, which have made Bitcoin a central part of their financial identity. By acquiring Bitcoin in this unconventional way, Strive is also aiming to boost its Bitcoin-per-share ratio before completing a reverse merger with Asset Entities, a social media marketing company.
Unlike companies taking the SPAC (Special Purpose Acquisition Company) route to go public, Strive’s reverse merger could offer more flexibility when it comes to Bitcoin accumulation. The company says this method reduces regulatory restrictions and could give it a competitive edge in the race to build substantial on-chain reserves.
However, there’s a crucial hurdle ahead: shareholder approval. Strive has indicated that it plans to file detailed terms of the proposed Bitcoin claim acquisition with the U.S. Securities and Exchange Commission (SEC). A proxy statement will follow, which will be circulated to shareholders for a vote. Time is of the essence — Mt. Gox has set an October 31 deadline to begin repaying its creditors, nearly a decade after its catastrophic 2014 collapse that saw approximately 750,000 Bitcoin go missing due to a massive security breach.
The move by Strive isn’t happening in a vacuum. It reflects a growing trend among companies seeking to hold Bitcoin as a treasury asset. As the crypto narrative continues to shift from speculative bets to long-term strategic holdings, more firms are looking to integrate Bitcoin into their balance sheets.
Strive isn’t alone in this pursuit. Another Bitcoin treasury startup, Twenty One Capital — backed by heavyweights like Tether, SoftBank, and Cantor Fitzgerald — is preparing to launch with a 42,000 Bitcoin war chest, pending a merger with Cantor Equity Partners. The playbook is clear: acquire significant BTC positions early and hold them for long-term upside.
Meanwhile, the merger news has already had a dramatic effect on Asset Entities’ stock (ticker: ASST). Shares surged another 18.2% on May 20, closing at $7.74 and pushing the company’s market cap to $122.1 million. Since the merger was first announced on May 7, ASST stock has skyrocketed by more than 1,170%, signaling strong investor enthusiasm for the pivot toward a Bitcoin-centric business model.
Once the reverse merger is finalized, the combined entity will retain the Strive and Asset Entities names while continuing to trade under the ASST ticker. Strive is projected to control 94.2% of the new company, leaving Asset Entities with a 5.8% stake.
With time ticking down on Mt. Gox’s creditor repayments, the coming months will be crucial for Strive. If it secures enough claims and gets shareholder backing, it could find itself holding a substantial slice of Bitcoin history — and with it, a powerful launchpad for its Bitcoin treasury ambitions.
