Vivek Ramaswamy’s Strive Eyes 75,000 Bitcoin From Mt. Gox Claims

Strive Enterprises, the asset management firm founded by former U.S. presidential candidate Vivek Ramaswamy, announced plans to acquire up to 75,000 BTC by purchasing distressed crypto claims—specifically those tied to the infamous Mt. Gox bankruptcy case.

The announcement came on May 20, 2025, via a strategic partnership with 117 Castell Advisory Group. Strive aims to secure access to large quantities of Bitcoin at prices well below current market value. The firm is targeting legally settled but undistributed claims, such as those still pending from Mt. Gox’s estate.

Targeting Legal Claims, Not Coins on Exchanges

Strive isn’t buying Bitcoin directly from the market. Instead, it’s eyeing legal claims—cases that have already received final legal judgments but haven't yet been fulfilled. One of the biggest such pools is the Mt. Gox estate, which is still sitting on an estimated 75,000 BTC.

Mt. Gox, once the world’s largest crypto exchange, collapsed in 2014 following a major hack that drained over 800,000 BTC. Although the bankruptcy has dragged on for over a decade, creditor repayments are finally underway. Some claims remain pending, and that’s where Strive sees an opportunity.

According to a recent SEC filing, Strive’s new strategy will allow it “to purchase Bitcoin exposure at a discount to market price,” and in doing so, boost long-term returns relative to spot Bitcoin investments.

Strategic Partnership With 117 Castell Advisory

The acquisition effort is being carried out in collaboration with 117 Castell Advisory Group LLC, a relatively unknown firm based in Georgia. The company’s digital footprint is minimal, and its only notable mention so far is in connection with the Strive partnership.

This joint venture will reportedly help Strive source and evaluate Bitcoin claims from defunct or bankrupt entities—beginning with Mt. Gox but potentially expanding to other similar situations.

The nature of these claims makes the effort complicated. While the judgments are legally binding, the process for turning them into actual Bitcoin holdings remains murky. Whether Strive can successfully close these deals at favorable prices is still uncertain.

A Bitcoin Bet With a Value Investor's Mindset

Strive’s plan isn’t about hype or speculation. The firm is pitching this strategy as a traditional value play—buying undervalued assets during a market inefficiency.

Instead of buying Bitcoin at market price, Strive is acquiring Bitcoin-linked claims at a discount, aiming to provide investors with a unique opportunity for long-term gains.

The ultimate goal is to increase the firm's Bitcoin-per-share metric. That ratio could become a powerful marketing point for Strive's investment products, especially at a time when more institutions are looking for regulated crypto exposure.

Ramaswamy's Ongoing Influence

Though Vivek Ramaswamy no longer holds an executive position at Strive, his presence continues to loom large over the firm’s direction. After founding Strive in 2022 to challenge mainstream ESG-driven asset management, Ramaswamy stepped down to run for president in 2023.

Even after his political pivot, he briefly joined the crypto project DOGE before shifting attention back to his home state of Ohio. Despite his absence from day-to-day operations, Ramaswamy’s crypto-first ideology still shapes the firm’s goals.

Strive, now under CEO Matt Cole, has evolved into a company with wealth management services and ambitious crypto ambitions. It’s currently pushing to become the first publicly traded asset manager with a full-scale Bitcoin treasury.

Strive’s play for 75,000 BTC also aligns with its upcoming merger with Asset Entities Inc. (ASST). The filing mentioned that the acquisition of claims is tied to this larger deal.

If successful, the merger will allow the combined firm greater access to capital markets. Asset Entities is expected to issue new shares to support the acquisition effort, giving Strive a larger 

Competition in the Bitcoin Treasury Game

Strive is not alone in the race to become a corporate Bitcoin heavyweight. MicroStrategy, led by Michael Saylor, remains the undisputed king of this category. Japan’s Metaplanet and several smaller firms are also adopting Bitcoin as part of their treasury strategies.

Strive’s approach is different, though. Rather than spending billions in cash on spot BTC, the firm is trying to unlock hidden value through claims that most players have overlooked or ignored.

The company is essentially betting that inefficiencies in the crypto credit market can be turned into opportunities—if navigated with legal precision and financial discipline.

Will It Work?

This is a high-risk, high-reward move. Strive believes it can obtain significant amounts of Bitcoin at a discount by stepping into the shadows of crypto's broken past. But this path is full of uncertainties.

While Mt. Gox has started repaying creditors, the timeline for full distribution remains unknown. Even if Strive secures the rights to certain claims, converting them into liquid Bitcoin assets could be delayed or blocked by legal hurdles.

Moreover, buying claims doesn’t guarantee BTC in hand. The claims may carry stipulations, or repayment could come in fiat or be reduced.

The SEC filing itself doesn’t offer much clarity. Most of it focuses on legal structure, with only a brief reference to Bitcoin.

But if the plan works—even partially—Strive could become one of the largest institutional holders of Bitcoin overnight.