Key Points
- Strive Asset Management plans to acquire approximately 75,000 BTC through discounted bankruptcy claims.
- The firm is preparing for a reverse merger with Texas-based Asset Entities, aiming for a NYSE listing.
Strive Asset Management, co-founded by Vivek Ramaswamy, is planning a significant acquisition of Bitcoin (BTC).
The firm has set its sights on claims from the defunct Mt. Gox exchange.
Strive’s Bitcoin Acquisition Strategy
According to a recent SEC filing, Strive intends to acquire around 75,000 BTC, valued over $8 billion, via discounted bankruptcy claims.
The company aims to enhance its Bitcoin per share and outperform the asset in the long run.
Strive is currently working with 117 Castell Advisory Group to evaluate legally confirmed claims and is awaiting shareholder approval.
The firm is also preparing an SEC Form S-4 registration to advance the proposal.
Reverse Merger with Asset Entities
Strive’s plans coincide with its preparations for a reverse merger with Texas-based social media marketing firm Asset Entities.
Strive has not disclosed any current Bitcoin holdings but claims it will face fewer regulatory challenges compared to companies going public via SPAC mergers.
If the merger is successful, Strive will secure a listing on the New York Stock Exchange and control 94% of the merged company.
Asset Entities’ shares have seen a significant surge since the merger announcement on 7 May.
Its shares rose by 25.45% to $9.70 by 20 May.
Concurrently, Bitcoin was trading at over $111, 000.
Upon completion of the reverse merger, Strive will own 94.2% of the newly formed Bitcoin investment company, with Asset Entities retaining a 5.8% stake.
With Mt. Gox planning to repay creditors in full by October 2025, Strive faces a limited window to finalize shareholder approval for its Bitcoin acquisition strategy.
