Strive's Bitcoin Treasury Plan: Mt. Gox Claims
Strive Asset Management, co-founded by Vivek Ramaswamy, announced plans to acquire distressed Bitcoin (BTC) claims from the bankrupt Mt. Gox exchange to build a 75,000 Bitcoin treasury. This move reflects a growing trend among companies to add Bitcoin to their balance sheets amid US economic uncertainty and rising debt.
Strive's Mt. Gox Claim Acquisition
In a May 20 SEC filing (SEC Filing), Strive detailed a partnership with 117 Castell Advisory Group LLC to purchase BTC claims awaiting distribution from Mt. Gox. This strategy allows Strive to acquire BTC at a discount, boosting its Bitcoin-per-share ratio before its anticipated mid-year reverse merger with Asset Entities.
Strive requires shareholder approval and will submit a full SEC filing outlining the transaction terms before seeking shareholder approval via a proxy statement. With Mt. Gox aiming for complete creditor repayment by October 31, securing approval before that deadline is crucial.
Asset Entities (ASST), the social media marketing firm merging with Strive, saw its shares rise 18.2% on May 20, reflecting a 1,170% increase since the merger announcement. The company’s market cap has surged to $122.1 million.
Corporate Bitcoin Treasury Growth
Numerous corporations are building Bitcoin treasuries amidst global economic concerns. Moody's downgrade of the US credit rating, citing rising debt (Moody's Downgrade), further fueled Bitcoin demand.
- Basel Medical Group Ltd (Nasdaq: BMGL) is in exclusive negotiations for a $1 billion Bitcoin acquisition.
- DigiAsia, a Singapore-based company, plans a $100 million Bitcoin purchase, allocating up to 50% of future net profits to Bitcoin acquisitions. They plan to explore various return strategies, including lending, staking, and developing crypto-linked financial products.
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