Source: Cointelegraph
Original: “Strive plans to acquire 75,000 Bitcoin (BTC) claims from Mt. Gox to build reserves”
Led by Vivek Ramaswamy, Strive is seeking to increase its Bitcoin (BTC) holdings by purchasing distressed Bitcoin claims at a discount, with its initial target being the 75,000 Bitcoin claims associated with the bankrupt cryptocurrency exchange Mt. Gox.
According to a regulatory filing submitted on May 20, Strive stated that it has partnered with 117 Castell Advisory Group LLC to acquire Bitcoin (BTC) claims that have received clear legal rulings but are still awaiting distribution.
Strive noted that purchasing these claims would allow it to acquire Bitcoin at a discount and increase the per-share Bitcoin ratio before the planned reverse merger with Asset Entities, which is expected to be completed by mid-year.
Strive has not disclosed its Bitcoin holdings but indicated that it will face fewer restrictions when purchasing Bitcoin compared to companies going public through a special purpose acquisition company (SPAC).
Strive mentioned that pursuing Mt. Gox-related claims requires shareholder approval. The company plans to file documents with the U.S. Securities and Exchange Commission (SEC) detailing the full terms of the proposed transaction, followed by sending a proxy statement to shareholders to seek approval.
Strive needs to obtain shareholder approval as soon as possible, as Mt. Gox is expected to fully repay its creditors by October 31.
Based in Japan, Mt. Gox was once the largest Bitcoin exchange but collapsed in 2014 after approximately 750,000 Bitcoins were stolen due to security vulnerabilities.
Strive's shift towards becoming a Bitcoin reserve company reflects a broader trend in the industry, with more companies looking to hold Bitcoin as a long-term strategic asset on their balance sheets.
Another newly established Bitcoin reserve company, Twenty One Capital, has received support from institutions such as Tether, SoftBank, and Cantor Fitzgerald. Led by Jack Mallers, the company plans to launch operations with 42,000 Bitcoins after completing a blank check merger with Cantor Equity Partners.
Asset Entities (ASST) is a social media marketing company, and Strive announced on May 7 that it would merge with it to create a Bitcoin investment company. According to Google Finance data, ASST's stock price rose 18.2% to $7.74 at the close on May 20.
The latest stock price increase brings its market capitalization to $122.1 million, with ASST's stock price having risen 1170% since Strive announced the merger plan.
After the merger is completed, Strive is expected to own 94.2% of the merged entity, while Asset Entities will hold the remaining 5.8%.
The merged company will be named Strive and Asset Entities and will continue to trade under the ASST ticker.
Related: The U.S. Securities and Exchange Commission (SEC) crypto task force will release its first report in the "coming months."
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