Ramaswamy’s Strive Aims for 75,000 Bitcoin in Mt. Gox Bonanza
Strive Asset Management, an investment company co-founded by ex-U.S. presidential contender Vivek Ramaswamy, is after a substantial Bitcoin reserve, not through traditional crypto mining or direct purchases, but by acquiring claims related to one of the crypto asset industry’s notorious failures: Mt. Gox. If everything unfolds as intended, Strive could gain access to 75,000 Bitcoins still entangled in the bankruptcy proceedings of the now-defunct trading network.
Understanding the Mt. Gox Chaos
To grasp this initiative, it’s beneficial to look back at 2014. Mt. Gox was the leading BTC trading network globally until it suffered a exploit and subsequently collapsed, resulting in a wrecked of roughly 850,000 BTC. The aftermath left countless users in limbo, and for nearly ten years, they have awaited some form of restitution through a convoluted legal process in Japan.
JUST IN: Vivek’s Strive Asset Management looking to buy up to 75,000 BTC from Mt. Gox claims at a discount to build BTC treasury. pic.twitter.com/mPU5mu8OHj
— Bitcoin Archive (@BTC_Archive) May 21, 2025
The resolution of this process is nearing completion, with creditors anticipated to receive their distributions by October 31, 2025. Some will be awarded cash, while others will obtain crypto. In the interim, their legal claims, effectively IOUs from the Mt. Gox estate, have gained intrinsic value.
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Strive’s Strategic Approach
Strive has collaborated with a firm named 117 Castell Advisory Group to acquire those creditor claims prior to the repayment cutoff. Should they succeed, they could control claims associated with 75,000 Bitcoin. That’s a significant catch, and Strive is banking on obtaining it at a lower price.
The mechanism operates like this: claim holders receive payments later, but they might opt to sell now for a reduced upfront amount. Strive intervenes, proposes a transaction, and acquires the future payment entitlement. If BTC retains its value or appreciates, the company stands to gain considerably more than its initial expenditure.
It’s a clever strategy, albeit with its risks. These assets are in distress, and there’s always the potential for setbacks or legal complications.
Plans for Going Public
Strive is not merely gathering Bitcoin claims. It also intends to go public through a reverse merger with Asset Entities, a company in the media and tech sector that is already publicly traded on the New York Stock Trading protocol. If this merger is finalized, Strive would control approximately 94 percent of the amalgamated firm and begin trading under the ASST ticker symbol.
This merger is projected to furnish Strive with greater flexibility in managing Bitcoin, circumventing some of the challenges associated with traditional IPOs or SPACs.
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Awaiting Approval
Before the claim acquisition is finalized, shareholder approval is required. Strive plans to submit documentation to the SEC and present a voting proposal to its investors. This procedure is expected to occur in the upcoming weeks. Until that point, the plan is ongoing but not fully confirmed.
Significance of the Move
This situation transcends a mere investment tale. It highlights how more conventional financial entities are discovering innovative methods to engage with the crypto realm. Rather than directly purchasing BTC, Strive is attempting to secure it through distressed debt, a tactic more prevalent in private equity than in cryptocurrency.
Strive Asset Management’s approach illustrates how traditional firms are leveraging distressed debt to enter the market. Should the arrangement succeed, Strive could emerge with one of the largest Bitcoin reserves held by any U.S. corporation, without having acquired a single token via open trading market transactions.
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Key Takeaways
- Strive Asset Management, co-founded by Vivek Ramaswamy, is pursuing 75,000 Bitcoin through Mt. Gox creditor claims ahead of the 2025 repayment deadline.
- The firm is actively buying discounted claims from Mt. Gox creditors, aiming to profit when payouts are made in Bitcoin or cash later this year.
- Strive is partnering with 117 Castell Advisory Group to acquire the claims, using distressed debt tactics rarely seen in crypto investing.
- The company plans to go public via a reverse merger with Asset Entities, giving it more operational flexibility and a new NYSE ticker: ASST.
- If successful, the deal could make Strive one of the largest corporate Bitcoin holders in the U.S., without buying any BTC on the open market.
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