Strive plans to buy Mt. Gox Bitcoin claims before repayments begin to boost its Bitcoin-per-share ratio.
The company will seek shareholder approval to proceed with the discounted Bitcoin claim purchases.
Strive aims to become a public Bitcoin investment firm through a reverse merger with Asset Entities.
Strive Asset Management plans to expand its Bitcoin position by purchasing distressed claims linked to the collapsed Mt. Gox exchange. These claims relate to 75,000 Bitcoin due for repayment later this year.
https://twitter.com/XBITDEX/status/1925017625442320804 Focus on Discounted Bitcoin Claims
In a May 20 regulatory filing, Strive confirmed a new agreement with 117 Castell Advisory Group LLC. Together, they aim to acquire legally approved Mt. Gox claims that are still awaiting distribution. These claims offer Strive a chance to gain Bitcoin below market value.
Claim holders often prefer immediate cash over delayed payments. Strive will buy the rights at reduced prices. Once Mt. Gox repays creditors, Strive expects to receive the full Bitcoin value.
Merger to Create Public Bitcoin Investment Firm
This move supports Strive’s broader plan to become a public company through a reverse merger with Asset Entities (ASST). The merger is set to finalize by mid-2025. Once completed, the combined firm will focus on managing Bitcoin investments directly.
The strategy mirrors efforts by other firms such as Strategy and Metaplanet. Many companies are now holding Bitcoin as a core balance sheet asset.
Mt. Gox Estate to Repay Creditors by October
Mt. Gox, once Japan’s top Bitcoin exchange, shut down in 2014 after a security breach. The platform lost over 800,000 Bitcoin. Since then, legal battles and repayment negotiations have continued for years.
The Mt. Gox estate now plans to return 75,000 Bitcoin to verified creditors. The repayment deadline is October 31. Strive hopes to complete purchases of claims before this distribution occurs.
Shareholder Approval Needed for Claim Purchases
Strive must first get approval from its shareholders. The company will soon file transaction details with the U.S. Securities and Exchange Commission. After filing, Strive will send a proxy statement seeking shareholder votes on the plan.
Strive’s strategy reflects a rising industry trend. Many firms now view Bitcoin as a hedge against economic uncertainty. After Moody’s downgraded the U.S. credit rating, investor interest in Bitcoin increased.
Several Nasdaq-listed firms announced similar moves. Basel Medical Group entered talks to buy $1 billion in Bitcoin. DigiAsia confirmed plans to spend $100 million on Bitcoin, with long-term plans to reinvest future profits into more.
Twenty One Capital also joined the market. Backed by firms like SoftBank and Tether, it will begin with 42,000 Bitcoin. This will follow a merger with Cantor Equity Partners.
