Vivek Ramaswamy’s Strive Enterprises Hunts Discount Bitcoin From Mt. Gox

Strive Enterprises has set its sights on heavily discounted Bitcoin assets. Co-founded by Vivek Ramaswamy, the firm wants to bulk up its crypto war chest.

Vivek Ramaswamy's firm, Strive Enterprises, is aiming to purchase heavily discounted Bitcoin assets to add to its crypto treasury, according to a recent SEC filing.

The firm, which is co-founded by the former presidential candidate, is teaming up with 117 Castell Advisory Group to track down and acquire verified distressed claims against Bitcoin. One target in particular is 75,000 BTC linked to the Mt. GOX estate, which would be worth around $8 billion at current prices.

Strive says that buying BTC at a discount will allow it to outperform Bitcoin by buying it "smarter" and achieving more Bitcoin per share for its shareholders.

This strategy is highlighted in a fresh filing with the SEC, as Strive prepares for its merger with Asset Entities and the formation of a long-term crypto treasury.

Rather than trying to time the market and purchase BTC on the open market, Strive is instead seeking out high-value assets that are being sold at a discount due to their distressed status. The claims linked to Mt. GOX fit this criteria perfectly.

The firm's filing reads: "The parties have agreed to cooperate in identifying and acquiring any remaining claims against Bitcoin that are being sold at a material discount to the underlying economic value of the Bitcoin to which the claims relate."

The claims in question stem from the bankruptcy of Mt. GOX, once the largest Bitcoin exchange in the world. The exchange went bankrupt in 2014 after a large-scale theft of BTC from its hot wallet.

Creditors who held BTC on the exchange at the time of bankruptcy are now set to receive their due share of the recovered BTC in kind. However, some creditors sold their claims to third parties at a deep discount, hoping for quick cash payouts.

Strive is now looking to buy up these claims from the third parties and collect the BTC themselves, ultimately enabling them to acquire the crypto assets at a fraction of their true market value.