Strive eyes 75,000 Mt. Gox Bitcoin to build treasury ahead of merger

• Strive aims to acquire 75,000 BTC via discounted Mt. Gox bankruptcy claims
• Reverse merger with ASST will position Strive for NYSE listing and crypto market expansion

Strive Asset Management, co-founded by entrepreneur and former presidential candidate Vivek Ramaswamy, is eyeing a bold Bitcoin [BTC] acquisition strategy by targeting claims from the long-defunct Mt. Gox exchange.

Strive Asset Management to acquire Bitcoin

In a recent SEC filing, the firm revealed plans to acquire approximately 75,000 BTC, worth over $8 billion, through discounted bankruptcy claims. In fact, it is aiming to boost its Bitcoin per share and outperform the asset in the long term.

Working alongside 117 Castell Advisory Group to assess legally confirmed claims, Strive is still awaiting shareholder approval right now. It will initiate an SEC Form S-4 registration to move the proposal forward.

This coincides with its preparations for a reverse merger with Texas-based Asset Entities – A social media marketing firm trading under the ticker ASST.

While Strive hasn’t revealed any current Bitcoin holdings, its claims it will face fewer regulatory hurdles compared to firms going public via SPAC mergers.

The merger, if completed, will land Strive a listing on the New York Stock Exchange, with the firm poised to control 94% of the merged company.

Asset Entities shares shoot again

Here, it’s worth pointing out that since 7 May’s merger announcement, Asset Entities (ASST) has seen a remarkable surge. Its shares climbed by 25.45% to $9.70 by 20 May, according to Google Finance.

This rally has pushed its market cap to $122.1 million, marking a staggering 1,170% increase since news of the merger with Strive broke.

It also coincided with Bitcoin trading at over $111, 000 at press time, after a hike of 5.65% in the last 24 hours.

In fact, it’s being projected that upon completion of the reverse merger, Strive will own 94.2% of the newly formed Bitcoin investment company, while Asset Entities will retain a 5.8% stake.

Therefore, with Mt. Gox planning to repay creditors in full by October 2025, Strive faces a narrowing window to finalize shareholder approval for its discounted Bitcoin acquisition strategy.