Strive Asset Management, a firm co-founded by Vivek Ramaswamy, is making an aggressive move to build its Bitcoin treasury by targeting distressed Bitcoin claims, most notably from the bankrupt Mt. Gox exchange.
This strategy, outlined in a SEC filing on Tuesday, aims to acquire up to 75,000 BTC at a discount, positioning Strive as a significant player in the corporate Bitcoin accumulation trend.
Strive is partnering with 117 Castell Advisory Group to identify and evaluate these distressed Bitcoin claims. The focus is on claims that have received definitive legal judgments but are still awaiting distribution, allowing Strive the opportunity to purchase Bitcoin exposure below market price. This approach is designed to enhance the company’s Bitcoin per share metric and support its long-term goal of outperforming Bitcoin itself.
Strive announced that it has entered into a strategic partnership with 117 Castell Advisory Group LLC to source and evaluate distressed Bitcoin claims—such as those from the Mt. Gox estate, which total approximately 75,000 BTC —that have received definitive legal judgments but…
— Ben Pham (@BenPhiat) May 20, 2025
Ramaswamy, an entrepreneur, author, and political figure, co-founded Strive, which focuses on an “excellence capitalism” approach, pushing back against ESG (Environmental, Social, and Governance) investing. He is also known for his previous presidential campaign in the United States. While Matt Cole is the CEO of Strive, Ramaswamy is a prominent figure associated with the firm’s strategic direction.
This Bitcoin acquisition strategy comes ahead of Strive’s planned reverse merger with Asset Entities (ASST), a social media marketing company. The merger, expected to be completed by mid-2025, will see Strive own the vast majority (94.2%) of the combined entity, which will continue to trade under the ASST ticker.
Asset Entities shares have responded enthusiastically to these developments. On May 20, ASST closed up 18.2% to $7.74, bringing its market capitalization to $122.1 million. Since Strive announced its merger plan, ASST stock has surged an impressive 1,170%.
Strive, which has not yet disclosed its current Bitcoin holdings, believes it will face fewer restrictions on purchasing Bitcoin compared to companies going public through Special Purpose Acquisition Company (SPAC) mergers. The company will require shareholder approval to pursue the Mt. Gox claims, with a proxy statement to be sent out after a full SEC filing detailing the proposed transaction. The urgency for this approval is heightened by the expectation that Mt. Gox will fully repay its creditors by October 31.
The Mt. Gox exchange, based in Japan, was once the largest Bitcoin exchange before its collapse in 2014 following a security breach that resulted in the theft of approximately 750,000 Bitcoin.
