Latest news with #StriveEnterprises
Yahoo
21-05-2025
- Business
- Yahoo
Strive Eyes $7.9B Distressed Mt. Gox Bitcoin Claims to Accumulate Discounted BTC
Strive Enterprises is eyeing a calculated bet on bitcoin BTC discounts. The Ohio-based financial services firm said it struck a strategic partnership with 117 Castell Advisory Group to buy distressed bitcoin claims, specifically those with confirmed legal judgments and pending distributions. Among the targeted claims are holdings from the infamous Mt. Gox bankruptcy in 2014, which total around 75,000 BTC, currently valued around $8 billion. While payouts from the decade-old collapse of the Japanese exchange are still trickling out, they represent one of the largest pools of locked-up bitcoin in history. Strive's plan: gain BTC exposure at a discount, with the goal of beating BTC's price performance in the long run, according to a Monday filing with the Securities and Exchange Commission. The announcement comes amid broader plans for the company's asset management unit to merge with Nasdaq-listed Asset Entities (ASST), a move that would make the combined company publicly traded. The firm would leave its operations under the Strive name. The combined company also has plans to raise up to $1 billion through equity and debt offerings to accumulate bitcoin. The firm's strategies are meant to enhance its BTC exposure per share. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-05-2025
- Business
- Yahoo
New NASDAQ-listed firm plans to turn Bitcoin into Wall Street's next big reserve
Strive Asset Management has just announced its merger with Asset Entities, creating the first publicly traded Bitcoin treasury company. The newly combined entity will operate under the Strive's name and will oversee $2 billion of assets. It will also become a NASDAQ-listed company. The agreement will allow the merged company to carry out aggressive purchases of Bitcoin through new financial products, similar to BlackRock and Grayscale. Strive Enterprises was co-founded in 2022 by Vivek Ramaswamy and Anson Frericks. The new firm will be led by Strive CEO Matt Cole, who previously managed a $70 billion fixed income portfolio. Under Cole's leadership, the firm aims to offer a package of strategies, including a Bitcoin-for-equity tax-free exchange, which will be structured under Section 351 of the IRS tax code. The mechanism could draw in as much as $1 billion of Bitcoin from investors looking to defer capital gains taxes. Other strategies include the acquisition of cash-flowing companies at discounted multiples to strengthen the purchasing capacity for buying more Bitcoin and financial leverage through risk hedging. Strive Enterprises will own 94.2% of the newly combined public company, while shareholders of Asset Entities will receive a 5.8% share. Strive is executing a similar playbook to Strategy and Metaplanet in terms of centralizing ownership, utilizing equity and debt financing to accumulate Bitcoin, and treating it as a treasury reserve asset. Although it could also dilute its equity, it is taking risks to maximize long-term value by aggressively deploying capital in BTC. However, Strive's section 351 tax-free exchange of Bitcoins for equity is different from both Metaplanet and Strategy. If successful, Strive could persuade Bitcoin holders to trade their Bitcoin for equity without having to pay a tax.
Bloomberg
07-05-2025
- Business
- Bloomberg
Ramaswamy's Strive Plans Bitcoin Treasury Firm by Reverse Merger
A subsidiary of Strive Enterprises Inc. co-founded by Vivek Ramaswamy is merging with Asset Entities Inc. to form a Bitcoin treasury company, the latest in a string of firms to mimic Michael Saylor's Strategy. Strive Asset Management announced the reverse merger with the Dallas-based public company in a Wednesday press release. The newly created firm will operate under the Strive brand and trade on the Nasdaq.
