Strive Aims to Amass 75,000 Bitcoin from Mt. Gox Claims for Treasury Expansion

Strive, a firm led by Vivek Ramaswamy, is positioning itself to significantly expand its Bitcoin holdings by targeting 75,000 Bitcoin tied to claims from the defunct Mt. Gox exchange.

In a strategic move to capitalize on distressed assets, the company announced in a May 20, 2025, regulatory filing its partnership with 117 Castell Advisory Group LLC to acquire claims that have received definitive legal rulings but await distribution.

This approach allows Strive to purchase Bitcoin at a discount, enhancing its Bitcoin per share ratio as it prepares for a reverse merger with Asset Entities, expected to finalize by mid-2025. The acquisition aligns with a growing trend of companies integrating Bitcoin as a long-term strategic asset on their balance sheets.

Strategic Acquisition of Mt. Gox Claims

Strive’s pursuit of Mt. Gox claims is a calculated effort to secure Bitcoin at below-market rates. The Japan-based Mt. Gox, once the world’s largest Bitcoin exchange, collapsed in 2014 following a security breach that resulted in the theft of approximately 750,000 Bitcoin.

Creditors are slated to receive repayments by October 31, 2025, creating a narrow window for Strive to act. The company has not disclosed its current Bitcoin holdings but emphasized that acquiring these claims faces fewer regulatory hurdles compared to companies pursuing Special Purpose Acquisition Company (SPAC) mergers.

To proceed, Strive requires shareholder approval and plans to file with the Securities and Exchange Commission (SEC) to detail the transaction terms, followed by a proxy statement to shareholders.

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Reverse Merger with Asset Entities

Strive’s planned reverse merger with Asset Entities, a social media marketing firm, is a pivotal step toward establishing itself as a Bitcoin-focused investment company. Announced on May 7, 2025, the merger has already driven significant market interest, with Asset Entities’ shares closing at $7.74 on May 20, up 18.2%, according to Google Finance.

This surge elevates the company’s market capitalization to $122.1 million, reflecting a 1,170% increase since the merger announcement. Post-merger, Strive will own 94.2% of the combined entity, which will retain the names Strive and Asset Entities and trade under the ASST ticker on the stock exchange.

Industry Trend Toward Bitcoin Treasuries

Strive’s initiative mirrors a broader shift in the corporate landscape, where firms increasingly view Bitcoin as a hedge against inflation and a strategic reserve asset. Recent data indicates that corporate adoption of Bitcoin is accelerating, with companies like MicroStrategy holding over 252,000 Bitcoin as of November 2024, valued at approximately $26.8 billion at current prices.

Another firm, Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, is set to launch with 42,000 Bitcoin following a blank-check merger. Strive’s move to acquire Mt. Gox claims to position it to join this wave, leveraging discounted assets to build a robust Bitcoin treasury.

Real-Time Market Context

As of May 21, 2025, Bitcoin’s price hovers around $106,421, reflecting a 3.2% increase over the past 24 hours, according to CoinMarketCap. This price stability supports Strive’s strategy, as acquiring claims at a discount could yield significant returns if Bitcoin’s value continues to appreciate.

Some sources highlight ongoing discussions about Mt. Gox repayments, with some creditors already receiving partial distributions, underscoring the urgency for Strive to secure shareholder approval swiftly. The firm’s focus on distressed assets could set a precedent for other companies exploring similar strategies in the cryptocurrency market.