BTC News: Strive to Acquire 75,000 Bitcoin via Mt. Gox Bankruptcy Claims

• According to a regulatory filing on May 20, Strive is seeking to acquire 75,000 Bitcoin through claims tied to the long-defunct Mt. Gox exchange.
• Strive is expected to obtain shareholder approval soon before Mt.Gox begins to repay its creditors in October 2025.

Strive Asset Management, led by entrepreneur and political figure Vivek Ramaswamy, is boldly acquiring 75,000 Bitcoin by purchasing distressed claims tied to the now-defunct Mt. Gox exchange. The goal? To build a major Bitcoin treasury ahead of a planned reverse merger with NASDAQ-listed Asset Entities Inc., a move that would catapult Strive into the spotlight as a serious player in the corporate Bitcoin space.

For a bit of history, Mt. Gox was once the world’s largest Bitcoin exchange, handling more than 70% of global BTC trades at its peak in 2013–2014. Based in Tokyo, it was the beating heart of early crypto trading. That changed in 2014, when Mt. Gox revealed it had lost 950,000 BTC (then worth about $450 million) due to a massive security breach. The exchange collapsed, filed for bankruptcy, and sparked one of the biggest scandals in crypto history. Since then, roughly 140,000 BTC have been recovered and are now part of a court-managed repayment process, with distributions to creditors expected by October 31, 2025.

According to the filing made on May 20, Strive’s strategy is to buy those creditor claims, essentially IOUs, at a discount, allowing the firm to accumulate a massive amount of Bitcoin without having to purchase it directly on the open market. The deal is time-sensitive, and Strive is collaborating with 117 Castell Advisory Group as it works toward securing shareholder approval to move forward.

Afterwards, the firm will file a Form S-4 registration with the Securities and Exchange Commission (SEC), laying out the full details of the transaction. The company also plans to go public through its merger with Asset Entities Inc., aligning the timeline with the expected distribution of Mt. Gox assets.

The approach is similar to what Strategy formerly Microstrategy has done, turning Bitcoin into a core part of its corporate strategy. By combining the discounted claim acquisition with its upcoming merger, Strive is positioning itself at the leading edge of institutional Bitcoin adoption, reflecting a broader shift in how traditional finance views digital assets.

A Broader Trend in Bitcoin Treasuries

Meanwhile, this push toward Bitcoin treasuries isn’t limited to Strive. Jack Mallers, founder of Strike, has launched a new firm called Twenty One Capital, which plans to hold over 42,000 BTC at launch, making it one of the largest Bitcoin-holding companies in the world. What’s more, the firm is backed by major players like Tether (reportedly investing $1.6 billion), SoftBank Group, Bitfinex, and Cantor Fitzgerald.

Also, Crypto News Flash reported that Basel Medical Group (BMGL), a Singapore-based healthcare provider, has announced plans to acquire $1 billion worth of Bitcoin.

At the time of writing, Bitcoin is trading at $102,991, maintaining a level above the $100,000 mark. According to our market data, Bitcoin is trading at approximately $106,423, with market watchers expecting it to keep up the momentum and soon surge to $110,000.