Strive Asset Management has announced an initiative to build a treasury of 75,000 Bitcoin by buying claims from the bankrupt Mt. Gox exchange, valued at $8 billion.
Mt. Gox Claims
In a May 20 filing with the U.S. Securities and Exchange Commission (SEC), Strive announced a partnership with 117 Castell Advisory Group LLC. This partnership is focused on evaluating distressed BTC claims, including those from the Mt. Gox estate. The company stated it aims to acquire Bitcoin exposure at prices lower than the market, potentially increasing share price and aiming for better long-term performance than the flagship cryptocurrency.
Merger Details
Earlier this month, Strive announced its upcoming merger with Asset Entities. If approved, the deal would establish the first publicly-traded asset management firm focused on Bitcoin. The new entity will operate under the ASST brand and plans to adopt a Bitcoin treasury strategy.
Bitcoin Reserve Expansion
These developments come as other firms continue to expand their Bitcoin reserves. Recently, Strategy disclosed a purchase of 7,390 BTC for $764.9 million, bringing its total to 576,230 BTC.
In conclusion, Strive Asset Management is taking steps to significantly enhance its Bitcoin assets by purchasing claims from Mt. Gox and pursuing a merger with Asset Entities.
