Strive Snags Discounted Bitcoin Via Mt. Gox Claims—Because Nothing Says ’Recovery’ Like Vulture Capitalism

Hedge funds circle like sharks as the crypto winter drags on—this time, targeting Mt. Gox creditors desperate for liquidity. Strive’s play? Scoop up claims at fire-sale prices, betting Bitcoin’s next bull run will make today’s discounts look like pocket change.

Bonus jab: Wall Street finally found a use case for blockchain—exploiting retail investors at scale.

Strive pushing to redefine corporate Bitcoin exposure.

The MOVE by Strive shows how the company adopts a different approach to Bitcoin treasury adoption. Unlike Strategy’s (formerly MicroStrategy) approach of accumulating Bitcoin for its treasury, Strive wants to outperform the flagship asset.

In order to achieve this, the firm plans to use several innovative strategies to gain Bitcoin exposure at a discount without diluting its share value. Strive’s Chief Financial Officer, Ben Pham, said:

“Strive intends to use all available mechanisms, including novel financial strategies not used by other Bitcoin treasury companies, to maximize its exposure to Bitcoin.”

One of the strategies is using Section 351 of the US tax code for tax-deferred  Bitcoin for equity swaps. Under this framework, accredited  Bitcoin holders can swap their BTC for Strive equity without paying capital gains.

The firm also plans to buy cash at a discount by merging with public companies with more cash than their stock value, with the excess cash spent on acquiring more Bitcoin.

Other planned strategies include deploying its fixed income and derivative expertise to leverage and hedge risks for Bitcoin acquiring and raising external public capital.

So far, Strive has made progress toward its goal, with the firm recently merging with publicly traded social media technology company Asset Entities Inc.  That move allowed it to become publicly traded and, therefore, have access to public capital.

85 companies now hold over 800,000 BTC

While Strive is working on strategies to acquire Bitcoin, several publicly traded companies are accumulating it in the old-fashioned way. According to data from HODL15 Capital, 85 companies currently hold over 800,000 Bitcoin as of May 19.

Leading the pack is Strategy, which now has 576,230 BTC in its treasury. Companies such as Marathon Digital, TwentyOne, and Riot Platforms are way behind, each with less than 50,000 BTC.

However, companies such as Metaplanet and Semler Scientific have increased their exposure to BTC in the past few weeks, and Metaplanet is now close to entering the top 10. The firm is ranked eleventh with 7,800 BTC, while Block (formerly Square) is tenth with 8,584 BTC. With Metaplanet aiming to finish 2025 with 10,000 BTC, the Japanese firm could have more BTC than Coinbase by the end of the year.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot