Strive Aims to Scoop Up 75,000 Stranded Bitcoin from Mt. Gox’s Bankruptcy Graveyard

Another day, another distressed asset play—this time with a crypto twist. Strive’s eyeing a massive 75,000 BTC haul from Mt. Gox’s infamous collapse, because nothing screams ’trust us with your money’ like scavenging the wreckage of crypto’s most notorious implosion.

Why settle for mining new coins when you can just wait for exchanges to self-destruct? The move would bulk up Strive’s reserves overnight—assuming they don’t mysteriously vanish like last time.

Bonus jab: If at first you don’t succeed in crypto, fail spectacularly and let vulture funds clean up the mess. The circle of (financial) life continues.

Strive’s Bitcoin move is subject to shareholders’ approval

Strive stressed that its MOVE to acquire Mt. Gox’s distressed Bitcoin claims is still subject to shareholders’ approval.

The company intends to submit a FORM S-4 registration with the SEC, which will include the full terms of the proposed transaction. Once filed, shareholders will receive a proxy statement or prospectus to vote on the acquisition.

The SEC filing also outlined several potential risks that could derail the deal. Strive noted that Bitcoin’s price volatility could reduce the value of acquired claims and undermine its expected returns.

The firm also highlighted that the anticipated discount on claims might not materialize if prices rise or delays persist.

Additionally, the deal faces risks from creditors who have yet to complete required procedures and potential legal challenges from stakeholders or regulators.