Strive Asset Management, in partnership with 117 Castell Advisory Group, announced plans to acquire approximately 75,000 BTC in legally settled but as yet undistributed distressed Bitcoin claims from the bankrupt Mt. Gox estate. This initiative targets Bitcoin claims that have received definitive legal rulings but await distribution, enabling Strive to obtain Bitcoins below current market prices and increase its Bitcoin holdings per share.
Mt. Gox was once the world's largest Bitcoin exchange until its 2014 collapse following a massive security breach that resulted in the loss of around 850,000 BTC. Since then, a Tokyo court has managed the distribution of remaining assets to creditors, with repayments beginning last year but progressing slowly. The final payout deadline for creditors has now been extended to October 2025.
Strive's acquisition strategy is currently subject to shareholder approval. The firm plans to file a Form S-4 registration with the U.S. Securities and Exchange Commission (SEC), which will provide details of the proposed transaction. Shareholders will then vote on the deal via proxy statements or prospectuses.
The company has acknowledged various risks, including Bitcoin's price volatility which could erode the value of acquired claims, potential non-materialization of expected discounts if prices rise or delays continue, and possible legal or regulatory challenges from stakeholders or creditors who have not completed required procedures.
This acquisition aligns with Strive's broader strategy under CEO Matt Cole to enhance long-term investment returns by capitalizing on crypto credit market inefficiencies and value-driven exposure to digital assets. Additionally, the plan coincides with a pending merger with Asset Entities Inc., potentially making Strive the first public asset manager with Bitcoin on its balance sheet, integrating digital assets into its core financial infrastructure.