Strive Targets 75,000 Mt. Gox Bitcoin Haul to Fuel Treasury Before Merger

In a bold power play, Strive moves to secure a staggering 75,000 Bitcoin from the infamous Mt. Gox reserves—just in time to bulk up its war chest ahead of a major merger.

The grab: A calculated bid to turn one of crypto’s most notorious disasters into corporate leverage. Because nothing says ’strategic positioning’ like scavenging from history’s biggest exchange collapse.

Why it matters: That much BTC could sway markets—or at least buy some serious runway. Meanwhile, traditional finance still can’t decide if crypto is an asset class or a bad joke.

Strive Asset Management to acquire Bitcoin

In a recent SEC filing, the firm revealed plans to acquire approximately 75,000 BTC, worth over $8 billion, through discounted bankruptcy claims. In fact, it is aiming to boost its bitcoin per share and outperform the asset in the long term.

Working alongside 117 Castell Advisory Group to assess legally confirmed claims, Strive is still awaiting shareholder approval right now. It will initiate an SEC Form S-4 registration to MOVE the proposal forward.

This coincides with its preparations for a reverse merger with Texas-based Asset Entities – A social media marketing firm trading under the ticker ASST.

While Strive hasn’t revealed any current Bitcoin holdings, its claims it will face fewer regulatory hurdles compared to firms going public via SPAC mergers.

The merger, if completed, will land Strive a listing on the New York Stock Exchange, with the firm poised to control 94% of the merged company.

Asset Entities shares shoot again

Here, it’s worth pointing out that since 7 May’s merger announcement, Asset Entities (ASST) has seen a remarkable surge. Its shares climbed by 25.45% to $9.70 by 20 May, according to Google Finance.

This rally has pushed its market cap to $122.1 million, marking a staggering 1,170% increase since news of the merger with Strive broke.

It also coincided with Bitcoin trading at over $111, 000 at press time, after a hike of 5.65% in the last 24 hours.

In fact, it’s being projected that upon completion of the reverse merger, Strive will own 94.2% of the newly formed Bitcoin investment company, while Asset Entities will retain a 5.8% stake.

Therefore, with Mt. Gox planning to repay creditors in full by October 2025, Strive faces a narrowing window to finalize shareholder approval for its discounted Bitcoin acquisition strategy.