- Strive plans to acquire 75,000 BTC through Mt. Gox creditor claims before the October 2025 repayment deadline.
- The move is part of Strive’s strategy to go public with a strong Bitcoin reserve via reverse merger.
Strive, a company that has recently become increasingly vocal in the crypto investment world, has planned to acquire around 75,000 BTC through the purchase of claims related to the bankruptcy of Mt. Gox—the legendary crypto exchange that collapsed in 2014 after a massive hack.
Imagine if all of that Bitcoin was redeemed and put on the balance sheet of one company—it would be like a new, more aggressive version of MicroStrategy.
BREAKING🚨 VIVEK RAMASWAMY’S STRIVE SEEKS TO ACQUIRE 75,000 $BTC FROM MT. GOX CLAIMS AT A DISCOUNT TO BOLSTER ITS BITCOIN TREASURY! pic.twitter.com/fwUtRKz6bs
— CryptoSavingExpert ® (@CryptoSavingExp) May 21, 2025
A Race Against the Gox Clock
Strive reportedly involved 117 Castell Advisory Group in the due diligence process and the purchase of the “distressed” claims, which reportedly already have legal status.
This process is also part of the preparation for a reverse merger with a public company called Asset Entities Inc. that was announced in early May. They want to make Strive a public company that has Bitcoin in its reserves—a bit like a gold mining company but with crypto.
According to legal documents from their advisor, Davis Polk, the merger is not expected to be completed until the second half of 2025. That means they don’t have much time, because the distribution of Mt. Gox assets is still ongoing.
Gox to creditors is scheduled to be completed by October 31, 2025. So, it’s not just about strategy, but also chasing deadlines that could determine the success of this scheme.
Strive Wants Cheap BTC and They’re Not Taking the Usual Route
However, this is not the first time Strive has been involved in crypto affairs with an unusual approach. In January, as we previously reported, they had filed for a Bitcoin bond-based ETF—not a traditional Bitcoin ETF that buys crypto directly, but through convertible bonds from companies like MicroStrategy. They want exposure to Bitcoin, but with a more “legal” path in the eyes of regulation.
Furthermore, they also previously advised GameStop—yes, that game store—to consider holding Bitcoin as part of its reserves. This suggestion appeared in March and is quite illustrative of Strive’s thinking. They not only want to hold BTC, but also want to attract traditional companies to play in the same pool.
Interestingly, all of these strategies feel like a common thread. By collecting Bitcoin through Mt. Gox, which they say can be bought below market price, then use the stock market access from the public merger, Strive wants to have a strong position – and cheap.
This is different from companies that buy at spot prices or through regular ETFs. They are like hunting for Bitcoin in ruins, then packaging it into their own version of digital gold.
On the other hand, many people question whether the purchase of claims like this can really be executed as quickly and precisely as planned. There are still many details that have not been disclosed to the public: how much is the price? How is the payment? And what is Strive’s plan if the distribution of Mt. Gox turns out to be slower than promised?
Not only that, buying claims from bankrupt exchanges also has its own risks – complicated legal processes, uncooperative parties, or even less transparent liquidation. But it seems that Strive is ready to take that risk, maybe even relying on it as an opportunity.
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