Strive Asset Management Aims to Boost Bitcoin Holdings, Outperform Crypto
Strive Asset Management is making waves with a strategic acquisition that aims to boost its Bitcoin (BTC) holdings and ultimately outperform the Bitcoin price. The company is targeting distressed Bitcoin claims, notably from the bankrupt Mt. Gox exchange, and plans to acquire up to 75,000 BTC at a discount. Shareholders are set to vote on this move, with a proxy statement to follow a full SEC filing.
Strive's ambitious plan is driven by co-founder Vivek Ramaswamy, known for his entrepreneurial and political background, including a previous presidential campaign. The urgency to secure shareholder approval is heightened by the expectation that Mt. Gox will fully repay its creditors by October 31. Strive believes this acquisition strategy will face fewer restrictions compared to SPAC mergers.
The company is partnering with 117 Castell Advisory Group to identify and evaluate these distressed claims. Chris Grozev will oversee obtaining investor approval for the acquisition. Strive is also planning a reverse merger with Asset Entities, a social media marketing company, expected to be completed by mid-2025. Upon completion, Strive will own 94.2% of the combined entity, which will continue to trade under the ASST ticker. Asset Entities' shareholders have responded positively to the merger, with ASST stock surging 1,170% since the plan was revealed.
Strive's bold move to acquire up to 75,000 BTC at a discount could significantly enhance its Bitcoin per share metric and support its long-term goal of outperforming the Bitcoin price. Shareholder approval is pending, with a proxy statement to follow a full SEC filing. The completion of the merger with Asset Entities is expected by mid-2025, with Strive owning the majority of the combined entity.
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