Vivek Ramaswamy\u2019s 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.<\/p>\n
Strive said<\/a> in a May 20 regulatory filing that it partnered with 117 Castell Advisory Group LLC to target claims to Bitcoin (BTC<\/a>) that have received definitive legal rulings but are still awaiting distribution.<\/p>\n 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<\/a> \u2014 which is expected<\/a> to be completed sometime mid this year.<\/p>\n Strive hasn\u2019t disclosed any Bitcoin holdings but claims it will face fewer restrictions on purchasing Bitcoin than companies going public through Special Purpose Acquisition Company mergers.<\/p>\n Advantages of going public via a reverse merger compared with a SPAC merger. Source: <\/em>Strive<\/em><\/a><\/p>\n 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.<\/p>\n Strive would need to obtain shareholder approval relatively soon, as Mt. Gox is expected to fully repay its creditors<\/a> by Oct. 31.<\/p>\n 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<\/a>.<\/p>\n Strive\u2019s 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.<\/p>\n Related: <\/strong><\/em>Bitcoin ETFs bought 6x more than BTC miners produced last week<\/strong><\/em><\/a><\/p>\n Twenty One Capital<\/a> 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<\/a> plans to launch with 42,000 Bitcoin once it completes a blank-check merger with Cantor Equity Partners.<\/p>\n 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<\/a> shows.<\/p>\n 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.<\/p>\n 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%.<\/p>\n The merged companies will be named Strive and Asset Entities, and will still trade under the ASST ticker.<\/p>\nAsset Entities shares rise again on Mt. Gox plans<\/h2>\n