Founded by Vivek Ramaswamy, a close associate of US President Donald Trump, Strive aims to purchase 75,000 Bitcoins tied to Mt. Gox, an exchange that went bankrupt in 2014, and create a BTC reserve.
Strive stated in its application to the SEC on May 20 that it wanted to acquire Bitcoins that had received a final legal distribution decision but were still awaiting distribution, and that it had partnered with 117 Castell Advisory Group LLC for this purpose.
Strive’s filing includes approximately 75,000 BTC tied to Mt. Gox, which is worth approximately $8 billion at current market prices.
“The purpose of this strategy is to provide Strive with the opportunity to purchase Bitcoin at a price below market price, thereby increasing the value of Bitcoin per share and supporting its goal of outperforming Bitcoin over the long term,” Strive said in its SEC filing.
Strive is not alone in its Bitcoin accumulation strategy. Startups like Tether and SoftBank-backed Twenty One Capital have also built up Bitcoin treasuries, buying tens of thousands of BTC.
Apart from Tether-backed Twenty One Capital, Bitcoin bull Michael Saylor's company Strategy and Japan's giant Metaplanet also continue to buy large amounts of BTC.
*This is not investment advice.
