Strive Enterprises Partners to Acquire $8 Billion in Distressed Bitcoin Claims
Strive Enterprises, based in Ohio, has formed a strategic partnership with 117 Castell Advisory Group to purchase distressed bitcoin claims. The focus is on claims linked to confirmed legal judgments and pending distributions.
- The targeted claims include approximately 75,000 BTC from the Mt. Gox bankruptcy in 2014, valued at around $8 billion.
- Payouts from the Mt. Gox collapse are still ongoing, representing a significant amount of locked-up bitcoin.
- Strive aims to gain BTC exposure at a discount, intending to outperform BTC's price in the long run, as noted in a filing with the SEC.
- This announcement aligns with plans for Strive’s asset management unit to merge with Nasdaq-listed Asset Entities (ASST), resulting in a publicly traded entity under the Strive name.
- The combined company plans to raise up to $1 billion through equity and debt offerings to acquire more bitcoin.