Strive Asset Management, led by Vivek Ramaswamy, is looking to acquire a substantial stash of Bitcoin by purchasing claims from the infamous Mt. Gox exchange, rather than acquiring it directly through mining or purchases.
The Mt. Gox Mess, Explained
To grasp this situation, we must look back to 2014 when Mt. Gox was the world’s leading Bitcoin exchange. It suffered a devastating hack that resulted in the loss of approximately 850,000 BTC. This left countless users in limbo as they awaited repayment through complex legal proceedings in Japan.
JUST IN: Vivek’s Strive Asset Management looking to buy up to 75,000 Bitcoin from Mt. Gox claims at a discount to build Bitcoin treasury. pic.twitter.com/mPU5mu8OHj — Bitcoin Archive (@BTC_Archive) May 21, 2025
The repayment process is finally nearing completion, with creditors set to receive their payments by October 31, 2025. Some will get traditional cash, while others will receive Bitcoin, but their legal claims have also gained value.
Strive’s Game Plan
Strive has partnered with 117 Castell Advisory Group to purchase these creditor claims prior to the deadline. If successful, they could control claims associated with 75,000 BTC and aim to do so at a discounted price.
Here’s the concept: claim holders get paid at a later stage, thus may be willing to sell now for a reduced upfront sum. Strive can take on the future payment while betting on Bitcoin’s price rising.
Going Public, Too
Strive is not just acquiring Bitcoin claims; it also plans a public offering via a reverse merger with Asset Entities, a tech firm listed on the New York Stock Exchange. This merger would yield roughly 94% ownership of the combined company and may lead to trading under the ASST ticker.
Still Needs a Green Light
Before finalizing this acquisition, Strive must receive approval from its shareholders. They plan to submit documentation to the SEC and present a voting proposal to investors soon.
Why It Matters
This strategy signifies how traditional finance is adapting methods from private equity to enter the crypto realm. If it succeeds, Strive could emerge as one of the largest corporate holders of Bitcoin in the U.S., all without purchasing a single coin directly.
