Strive Asset Management Aims to Acquire 75,000 BTC at a Discount
Strive Asset Management, co-founded by entrepreneur and political figure Vivek Ramaswamy, is making waves in the cryptocurrency world. The company is partnering with 117 Castell Advisory Group to identify and evaluate distressed Bitcoin claims, aiming to enhance its Bitcoin per share metric and outperform the Bitcoin price itself. Strive's shares have surged 1,170% since the merger plan was announced.
Strive's strategy involves acquiring distressed Bitcoin claims, notably from the bankrupt Mt. Gox exchange. The company aims to purchase up to 75,000 BTC at a discount, focusing on claims with definitive legal judgments but awaiting distribution. This allows Strive to buy Bitcoin below the current Bitcoin price, positioning it as a significant player in corporate Bitcoin accumulation.
Strive requires shareholder approval to pursue the Mt. Gox claims, with a proxy statement to be sent out after a full SEC filing. The company is planning a reverse merger with Asset Entities, a social media marketing company, expected to be completed by mid-2025. After the merger, the combined entity will continue to trade under the ASST ticker, with Strive owning 94.2% of the company.
Strive's ambitious Bitcoin acquisition strategy has sparked interest in the market. Other companies, such as CoinLab and GGC International, have also shown interest in acquiring Bitcoin claims from Mt. Gox. With Strive's plans to acquire up to 75,000 BTC at a discount, the company is positioning itself as a significant player in the corporate Bitcoin accumulation space.
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