Strive’s Quixotic Quest for Discounted Mt. Gox Bitcoin 🤑

by

Oh, the audacity of Vivek Ramaswamy’s Strive! The firm is attempting to buy Bitcoin at a discount from the likes of Mt. Gox’s estate. This deal, in its nascent stages, is as uncertain as a butterfly’s flight, with the exact price and quantities of BTC involved as elusive as a unicorn’s horn.

Mt. Gox, the once-mighty crypto exchange that fell from grace, still clutches roughly 75,000 Bitcoins in its gnarled hands. Yet, it is bound by the chains of its creditors, planning to reimburse them. Whether Strive can pry these digital treasures loose at a bargain is a question as tantalizing as a locked safe with a forgotten combination.

Can Strive Snag Bitcoin at a Discount?

Since MicroStrategy became a major Bitcoin holder, other corporations have followed suit, creating their own BTC Treasuries. Strive, with its keen eye for the overlooked, is attempting to build its Bitcoin stockpile from sources that others might dismiss as mere curiosities.

According to an SEC filing, the firm is evaluating the potential of sources like Mt. Gox, a move as strategic as a chess grandmaster’s opening gambit.

“On May 20, 2025, Strive announced that it has entered into a strategic partnership to source and evaluate distressed Bitcoin claims that have received definitive legal judgments but remain pending distribution. This strategy is intended to allow Strive the opportunity to purchase Bitcoin exposure at a discount to market price, enhancing Bitcoin per share,” the filing claimed.

This partnership is with 117 Castell Advisory Group LLC, a firm so discreet that its digital footprint is as faint as a whisper in a storm. Despite its registration listing it as a Georgia-based company, most available coverage revolves around the Strive partnership, which was founded last month.

Mt. Gox, the early crypto exchange that collapsed with the grace of a house of cards, still holds substantial amounts of BTC. Over the last few months, the firm has been repaying its creditors using Bitcoin, and Strive estimates that Mt. Gox may have up to 75,000 BTC left in its holdings.

Strive is also looking at other unnamed sources that may be in similar straits, a move as shrewd as a fox in a henhouse.

Vivek Ramaswamy, a former Presidential candidate and D.O.G.E. co-leader, has a long history of crypto advocacy. He founded Strive, an asset management company, which filed to create a Bitcoin Bond ETF last December.

Since early May, the firm has planned to become a Bitcoin-focused company, intending to spend billions on BTC. Recently, Strive has been building its practical capacity to buy this much Bitcoin. For example, it merged with Asset in mid-May as part of a plan to make it a more formidable contender.

Between MicroStrategy, Metaplanet, and other corporate BTC holders, Strive will need the determination of a bulldog to see this plan through.

Still, the firm is playing its cards close to the chest. Since Mt. Gox is still reimbursing its creditors, it’s unclear how Strive plans to buy its Bitcoin reserves at discounted prices. Most of the filing concerns legal terms, with Bitcoin mentioned only in the opening paragraph. Neither Strive nor Ramaswamy has elucidated their plans in greater detail.

In other words, it’s a mystery wrapped in an enigma, shrouded in a fog of uncertainty. If Strive can acquire this Bitcoin cheaply, it would be a coup of epic proportions. However, this plan could also fizzle out with the quiet dignity of a deflating balloon. For now, it’s difficult to make predictions, but one thing is certain: the crypto world watches with bated breath. 🎭

Read More

2025-05-20 21:36