Strive Asset Management Plans to Build Its 75,000 Bitcoin Treasury by Purchasing Distressed BTC Claims from Mt. Gox.

Strive Asset Management, the company co-founded by Vivek Ramaswamy, announced its plans to build its 75,000 Bitcoin Treasury by purchasing

Strive Asset Management, the company co-founded by Vivek Ramaswamy, is planning to buy distressed Bitcoin (BTC) claims at a discount from bankrupt crypto exchange Mt. Gox to build its 75,000 Bitcoin Treasury.

The company, which is in the process of merging with Asset Entities to form a Bitcoin investment company, disclosed its plans in a proxy statement filed with the U.S. Securities and Exchange Commission (SEC) on Monday.

Strive Shares Plans To Buy Bitcoins At A Discount

The filing revealed a partnership with 117 Castell Advisory Group LLC to acquire claims to Bitcoin, which have already been legally received but are awaiting distribution from Mt. Gox.

The firm will then use these claims to purchase BTC at a discount, which will help to boost its Bitcoin-per-share ratio ahead of its anticipated reverse merger with Asset Entities, expected to close by mid-year.

In order to pursue the Mt. Gox claims, Strive is still seeking shareholder approval and plans to lodge a full filing with the SEC, sharing the full terms of the proposed transactions. Later, the firm will seek shareholder approval via a proxy statement.

With Mt. Gox planning to fully repay its creditors by October 31, Strive needs to get the shareholder approval for claims before that.

Asset Entities (ASST), a social media marketing firm set to merge with Strive to form a Bitcoin investment company, saw its shares rise by 18.2% on Monday. The company’s market cap now stands at $122.1 million.

Corporations Building Their Bitcoin Treasury

Over the last few weeks, a large number of corporations have announced plans to build the Bitcoin Treasury amid global economic uncertainties. The demand for BTC has shot up further as Moody’s downgraded the U.S. credit rating, citing concerns for the rising debt.

Over the past week, two Nasdaq-listed firms made similar announcements for massive Bitcoin acquisitions. Basel Medical Group Ltd (Nasdaq: BMGL) has announced exclusive negotiations for a $1 billion Bitcoin acquisition, signaling a significant pivot in its financial strategy.

On the other hand, Singapore-based DigiAsia announced an initial plan of $100 million Bitcoin purchase. DigiAsia has pledged to allocate up to 50% of its future net profits toward acquiring Bitcoin. The company also outlined plans to explore diverse strategies for generating returns from its Bitcoin holdings, including lending, staking, and developing crypto-linked financial products.