The asset management company Strive Asset Management plans to acquire Mt.Gox's Bitcoin claims worth $8 billion, aiming to establish an asset management firm focused on Bitcoin strategies.

The asset management company Strive Asset Management plans to acquire the claims of approximately $8 billion worth of 75,000 Bitcoins held by the bankrupt cryptocurrency exchange Mt.Gox. These claims have been legally approved and have not yet been distributed.

On May 20, Strive announced in a filing with the U.S. Securities and Exchange Commission (SEC) that it has established a partnership with 117 Castell Advisory Group LLC, aimed specifically at identifying and assessing bad Bitcoin credit legacies like Mt. Gox.

Strive indicated that its strategy aims to acquire Bitcoin through the purchase of these debt securities at prices below the market, thereby enhancing its asset value and supporting its long-term goal of surpassing Bitcoin. To facilitate the transaction, Strive plans to submit a detailed document to the SEC outlining the specific terms of the acquisition proposal.

At the same time, Strive announced its upcoming merger with the social media marketing company Asset Entities (ASST) to create the first publicly listed asset management company focused on Bitcoin. The new company will operate under the ASST brand and plans to adopt Bitcoin fund management strategies.

Strive also plans to utilize Section 351 of the U.S. tax code, allowing investors to exchange Bitcoin for stock to reduce taxes and increase the per-share Bitcoin holdings. Additionally, the company intends to raise up to $1 billion through the issuance of stocks and bonds to purchase Bitcoin while minimizing shareholder equity dilution.

Mt. Gox was once the largest Bitcoin exchange in the world. In 2014, it collapsed due to multiple security vulnerabilities that resulted in the theft of approximately 750,000 Bitcoins, marking the end of its glorious history of handling about 70% of global Bitcoin transactions. This incident triggered the platform's bankruptcy filing and initiated a lengthy creditor compensation restructuring process.

It is worth noting that since the Japanese exchange Mt.Gox plans to complete all repayments before October 31, Strive must obtain shareholder approval before then.

Do you think Strive can successfully acquire the Bitcoin claims of Mt. Gox? If the acquisition is successful, what impact will it have on the Bitcoin market? Leave your opinions in the comments!

#StriveAssetManagement # MtGox debt acquisition #Bitcoin investment