Bitcoin asset management strategies are diverging sharply between governments and institutions. In 2024, the German government liquidated nearly 50,000 Bitcoin at an average price of $57,900, missing out on more than $2 billion in gains as BTC surged past $106,000. Meanwhile, US-based investment firm Strive is taking the opposite approach and accumulating Bitcoin by purchasing distressed Mt. Gox claims at a discount. Strive Targets Mt. Gox Claims to Expand Bitcoin Holdings Ahead of Asset Entities Merger Vivek Ramaswamy’s Bitcoin strategy is entering a bold new phase. Strive, the investment firm co-founded by the former Republican presidential candidate, has disclosed a plan to acquire distressed Bitcoin claims from the long-defunct Mt. Gox exchange, an aggressive play designed to accelerate its transformation into a full-fledged Bitcoin treasury company. In a May 20 regulatory filing , Strive revealed it has partnered with 117 Castell Advisory Group LLC to target legally validated but undelivered claims tied to over 75,000 BTC—currently worth more than $8 billion at market prices. These claims are part of the Mt. Gox bankruptcy estate, which has yet to fully repay creditors more than a decade after the infamous 2014 collapse. The move, according to Strive, is aimed at acquiring Bitcoin at a significant discount compared to current spot prices. Since Mt. Gox claimants are often willing to accept less than full value in order to gain liquidity, Strive sees the opportunity as both financially compelling and strategic. By accumulating BTC through discounted claims, Strive aims to increase its Bitcoin -per-share ratio, thereby enhancing shareholder value, especially ahead of its planned reverse merger with Asset Entities (ASST), a publicly traded social media marketing company. Unlike a Special Purpose Acquisition Company (SPAC) structure, which imposes additional regulatory and operational constraints, Strive argues the reverse merger offers greater flexibility in executing Bitcoin purchases and treasury management strategies. Advantages of going public via a reverse merger (Source: Strive ) The firm said it will soon file a proxy statement with the US Securities and Exchange Commission (SEC) outlining the full terms of the proposed Mt. Gox transaction. Shareholder approval will be required before Strive can proceed, and time is of the essence as Mt. Gox’s trustee is expected to begin full creditor repayments by Oct. 31, 2025. If Strive successfully acquires the claims before the repayment window closes, it could secure a substantial BTC cache at steep discounts, an outcome that would immediately elevate its standing among corporate Bitcoin holders. Mt. Gox: A Brief Background Once the largest Bitcoin exchange in the world, Mt. Gox filed for bankruptcy in 2014 after a massive security breach led to the loss of approximately 750,000 BTC, worth just hundreds of millions at the time, but tens of billions today. Since then, trustees have recovered and secured more than 140,000 BTC, with various entities and individuals holding legal claims. The repayment process has been slow and complicated by legal wrangling, evolving crypto regulations, and logistical hurdles. Strive is now capitalizing on this complexity, hoping to become a middleman between Mt. Gox and the open market by acquiring the right to those BTC allocations from existing claimants. Strive’s pivot toward Bitcoin mirrors a growing trend among companies looking to embed BTC into their balance sheets as a strategic reserve asset, a movement gaining significant momentum in 2025. A key example is Twenty One Capital, the Jack Mallers-backed Bitcoin treasury startup, which is preparing to launch with 42,000 BTC and has received strategic backing from Tether, SoftBank, and Cantor Fitzgerald. The firm is also merging via a blank-check deal with Cantor Equity Partners. Asset Entities Stock Surges on Merger News The market has responded positively to Strive’s plans. Shares of Asset Entities (ASST) surged 18.2% on May 20, closing at $7.74, according to Google Finance. The surge puts its current market capitalization at $122.1 million, representing a staggering 1,170% gain since the merger was first announced on May 7. Asset Entities share price (Source: Google Finance ) Following the reverse merger, Strive is expected to control 94.2% of the combined company, with Asset Entities shareholders retaining the remaining 5.8%. The merged firm will continue trading under the ASST ticker, but will operate under the unified brand name: Strive and Asset Entities. With strong market interest, favorable legal timing, and a clear path to gaining discounted BTC exposure, Strive is positioning itself to become a major corporate holder of Bitcoin, potentially rivaling firms like MicroStrategy, Tesla, and Tether in scale and ambition. For Strive, the combination of a Bitcoin accumulation strategy and a reverse public market entry could establish a new model for digital asset treasury management. The firm is betting that Bitcoin’s long-term value appreciation will outweigh the risks involved in acquiring legacy claims. Should shareholder approval be granted and the Mt. Gox repayment schedule remain on track, the next six months could be transformative—not just for Strive, but for the emerging corporate Bitcoin ecosystem as a whole. With regulatory oversight intensifying and macroeconomic volatility shaking confidence in fiat currencies, Bitcoin is becoming an increasingly attractive hedge, and Strive is among the latest to make a bold, strategic bet. German Government Missed Out on Over $2 Billion in Bitcoin Gains After 2024 Sell-Off Meanwhile, Germany’s federal authorities may have inadvertently cost taxpayers billions of dollars by selling off a massive trove of Bitcoin far too early, according to a new analysis by blockchain intelligence platform Arkham. The decision to liquidate tens of thousands of BTC in mid-2024 has now become a cautionary tale in the world of government-managed digital assets, with missed profits exceeding $2.35 billion. In a post on X, Arkham revealed that a wallet labeled “German Government (BKA)” sold 49,858 BTC, worth around $2.89 billion at the time, between June and July of 2024. The average sale price of approximately $57,900 now looks deeply discounted in hindsight, as Bitcoin currently trades above $106,000, per CoinMarketCap. “If they had held it, their BTC would now be worth $5.24 billion,” Arkham stated. Seized Bitcoin Sold in Haste The funds were originally believed to have been confiscated by German law enforcement from Movie2k, a major piracy platform that was shut down in 2013. The site’s operators reportedly laundered tens of millions of euros through digital assets, including the nearly 50,000 BTC eventually transferred into a government-controlled wallet. The first signs of an impending sell-off emerged on June 19, 2024, when the wallet made a transfer of 6,500 BTC, valued at over $425 million, triggering speculation among analysts and market watchers about a coordinated liquidation strategy. However, that speculation quickly turned into confusion and concern as on-chain activity revealed that the German government was dispersing the BTC across multiple exchanges, rather than working with over-the-counter (OTC) desks or institutional brokers. The move sparked volatility in the Bitcoin markets and drew criticism for its lack of tactical finesse. Timeline of events (Source: CoinMarketCap) While the government’s intention may have been to maximize liquidity or preempt regulatory or market risks, the aftermath of the sale paints a stark picture. Arkham estimates that the early exit cost Germany over $2.35 billion in potential profit, given Bitcoin’s explosive 80% rally since the sell-off. Bitcoin’s price dipped sharply throughout June and early July 2024, a period that coincided with the BKA wallet’s most active selling. Analysts believe it was not the sheer amount of BTC sold, but rather the public knowledge of the sale that intensified bearish sentiment across the market. Bitcoin Price Recovers After Wallet Drains Interestingly, Bitcoin staged a recovery almost immediately after the German government wallet was depleted. On July 14, 2024, BTC rose back above the psychologically important $60,000 level, marking the end of a multi-week period of price suppression and investor caution. Amid the turmoil, Tron founder Justin Sun publicly offered to purchase the government’s Bitcoin stack, valued at over $2.3 billion at the time, directly from the state, in order to “minimize market impact.” Sun’s proposal echoed a broader conversation within crypto circles about transparency, responsibility, and the systemic risk posed by large, sudden liquidations of digital assets by public institutions. Lessons for Global Regulators The German experience is now likely to serve as a reference point for other countries managing seized or tax-recovered crypto assets. Several governments, including the United States, South Korea, and the United Kingdom, have begun exploring digital asset auctions or structured sales to reduce adverse market effects. As more jurisdictions deal with seized digital assets, analysts suggest governments should collaborate more closely with crypto-native custodians, financial advisors, and institutional trading desks to optimize their strategy—and reduce public losses. The missed windfall comes at a time when Bitcoin has increasingly been embraced by institutional investors, ETFs, and corporate treasuries as a hedge against inflation and geopolitical instability. In 2025 alone, inflows into Bitcoin ETFs have surpassed $20 billion, and sovereign wealth funds are rumored to be testing crypto allocations. Germany, one of the EU’s most economically powerful nations, had the rare opportunity to become a top sovereign Bitcoin holder. Instead, its decision to sell may go down as one of the most financially shortsighted in the history of public crypto asset management.
