Ramaswamy’s Strive Targets Mt. Gox Claims at Discount, Adding 75K BTC to Treasury

Key Takeaways:

• Strive aims to build a 75,000 BTC treasury by purchasing distressed Bitcoin claims from Mt. Gox’s bankruptcy proceedings.
• The asset manager partnered with 117 Castell Advisory Group to pursue the acquisition.
• Strive is preparing a reverse merger with Asset Entities to become a publicly traded Bitcoin Treasury Company.
  

Strive Asset Management, co-founded by entrepreneur and former Republican presidential candidate Vivek Ramaswamy, has unveiled plans to acquire 75,000 Bitcoin by purchasing distressed claims from the collapsed Mt. Gox exchange. 

The move is part of a broader strategy to establish itself as the first publicly traded Bitcoin Treasury Company on the NASDAQ.

In a May 20 filing, Strive confirmed it is partnering with 117 Castell Advisory Group to pursue these discounted Bitcoin claims, which have received legal clearance but are yet to be distributed. 

The firm views the opportunity as a fast track to bolstering its crypto reserves while securing Bitcoin at below-market rates.

Strive Reverse Merger with Asset Entities Set for 2025 Completion

Strive’s strategic Bitcoin acquisition aligns with its planned reverse merger with Asset Entities (NASDAQ: ASST), expected to close by mid-2025. 

JUST IN: @StriveFunds has partnered with 117 Castell to pursue discounted #Bitcoin exposure through legally adjudicated claims—including Mt. Gox’s ~75,000 BTC.

The Goal: Accumulate BTC below market, boost BTC per share, and outperform #Bitcoin over time. pic.twitter.com/1L7KtzRiNO

— Bitcoin For Corporations (@BitcoinForCorps) May 20, 2025

The deal would result in Strive becoming a publicly traded asset manager focused on maximizing its Bitcoin-per-share ratio.

Notably, Strive has yet to disclose any formal Bitcoin holdings, but the firm claims its approach offers more flexibility than traditional public firms going through SPAC (Special Purpose Acquisition Company) mergers.

In a 33-page investor presentation earlier this month, Strive outlined how the merged entity would deploy proprietary strategies to accumulate BTC in “accretive” ways. 

 The firm’s leadership believes that such a model, centered around active BTC accumulation, represents the future of capital allocation in an era of tightening monetary policy and rising interest rates.

Vivek also argued that businesses today must hold their capital projects to a more rigorous standard of return, one that increasingly compares against Bitcoin’s performance. 

He referred to Bitcoin as “perfect money,” asserting that its fixed supply and decentralized structure make it an ideal store of value in uncertain economic times.

Shareholder Approval and SEC Filing in Progress 

Before proceeding, Strive will need shareholder approval. The company plans to file a Form S-4 registration with the U.S. Securities and Exchange Commission and circulate a proxy statement to secure the necessary backing for the transaction.

This step is especially time-sensitive, as Mt. Gox, once the largest Bitcoin exchange before a catastrophic 2014 hack,  is expected to begin creditor repayments by October 31, ending a decade-long wait for victims. 

Strive’s acquisition plans are tied directly to this timeline, aiming to capitalize on discounted claims before assets are redistributed.

Moreover, Strive’s move mirrors a broader trend that has seen corporations increasingly moving to hedge against macro risk by adopting Bitcoin as a treasury asset.

This trend has accelerated following the unprecedented downgrade of the United States’ credit rating by Moody’s, which cited unsustainable levels of federal debt and the rising burden of interest payments as key concerns. 

It's official:

For the first time in history, Moody's has downgraded the United States' credit rating.

Moody's cites concerns over soaring US debt levels with interest on US debt set to hit 30% of REVENUE by 2035.

What does it all mean? Let us explain.

(a thread) pic.twitter.com/5ICrXQRDCa

— The Kobeissi Letter (@KobeissiLetter) May 17, 2025

In recent days, two other Nasdaq-listed firms have revealed plans for major Bitcoin acquisitions. 

Basel Medical Group Ltd. announced that it is in exclusive negotiations to purchase $1 billion worth of Bitcoin, while Singapore-based fintech company DigiAsia unveiled an initial plan to acquire $100 million in BTC.