Vivek Ramaswamy’s Strive is attempting to accumulate Bitcoin by buying distressed Bitcoin claims at a reduced price, starting with a stake tied to 75,000 Bitcoin from the bankrupt Crypto Exchange Mt. Gox.
On May 20, the company announced a partnership with 117 Castell Advisory Group LLC to target resolved Bitcoin (BTC) claims that are still pending distribution.
They indicated that acquiring these claims could enable them to buy Bitcoin at a discount and potentially bolster the per-bitcoin ratio ahead of a planned reverse merger with the asset entity. They hope to finalize this by the end of the year.
While Strive hasn’t revealed its Bitcoin holdings, it claims to face fewer restrictions in purchasing Bitcoin compared to firms that go public through special purpose acquisition company mergers.
The initiative mentioned that shareholder approval would be needed to pursue the Mt. Gox claim. They plan to file with the Securities and Exchange Commission to outline all the terms associated with this transaction. Following that, a power of attorney will be sent to shareholders for their approval.
Mt. Gox anticipates fully repaying its creditors by October 31, which means swift action for shareholder approval is necessary.
Once the largest Bitcoin exchange, Japan-based Mt. Gox collapsed due to security breaches that resulted in the loss of around 750,000 Bitcoin back in 2014.
This move towards establishing a Bitcoin holding company aligns with industry trends, as many firms are now looking to include Bitcoin as a strategic long-term asset on their balance sheets.
Another budding venture in Bitcoin finance, Twenty One Capital, has backing from Tether, Softbank, Cantor Fitzgerald, and others. The company, led by Jack Mallers, is set to launch with 42,000 Bitcoin after its blank-check merger with Cantor Equity Partners is complete.
Asset Entities’ shares tied to Mt. Gox plans are expected to rise
Asset Entities (ASST), a new social media marketing firm, announced on May 7 that it aims to merge to create a Bitcoin investment company. Recent data indicates this has driven up their stock price significantly.
The recent spike in stock price has raised their market capitalization to $122.1 million, with ASST seeing an impressive increase of 1,170% since the merger announcement.
Upon completing the reverse merger, it’s expected that the effort will control 94.2% of the combined entity, while the asset entity retains the remaining 5.8%.
The merged companies will operate under the name Strive and Asset Entities, continuing to trade under the ASST ticker.
