Strive Asset Management Firm works together with 117 Castell Advisory Group to acquire ailing Bitcoin claims, including those linked to the long-term Mt. GOX Exchange.
According to a May 20th submit With the US Securities and Exchange Commission (SEC), the companies will focus on claims that have received definitive legal statements, but are still awaiting distribution.
This approach will aim to acquire Bitcoin under the market value, which increases the BTC possession per share. The company added that the move supports its wider goal to surpass the best crypto over time.
In the meantime, one of the first movements includes the purchase of claims from the Mt. GOX, which still has around 75,000 BTC that still has to be distributed.
Mt. GOX was once the largest Bitcoin exchange and processed the most global BTC transactions at its peak. However, it collapsed in 2014 after a massive infringement of security that resulted in the disappearance of 850,000 BTC.
After the stock exchange had gone bankrupt, a court in Tokyo assigned a trustee to supervise the division of the remaining assets of creditors.
Although the repayment efforts started last year, the process has been slow because many creditors still have to receive money. As a result, the final payment term was extended to October 2025.
Strive’s Bitcoin Move is subject to the approval of the shareholders
Strive emphasized that his move to Mt. GOX’s ailing Bitcoin claims to be acquired is still subject to the approval of shareholders.
The company plans to submit a form S-4 registration to the SEC, which will include the full conditions of the proposed transaction. Once submitted, shareholders receive a proxy statement or prospectus to vote on the acquisition.
The SEC entering also outlined various potential risks that the deal could derail. Strive noted that Bitcoin’s price volatility could reduce the value of acquired claims and undermine the expected return.
The company also emphasized that the expected discount on claims may not be released if the prices rise or keep delays.
Moreover, the deal is confronted with the risks of creditors who do not yet have to complete the required procedures and potential legal challenges of stakeholders or supervisors.