In a regulatory filing made on May 20, Strive announced its collaboration with 117 Castell Advisory Group LLC to target Bitcoin claims that have secured definitive legal decisions but are still pending distribution.

Strive believes that purchasing these claims will enable the acquisition of Bitcoin at a discounted rate, thereby boosting its Bitcoin per share ratio. This move comes ahead of its planned reverse merger with Asset Entities, projected to be finalized mid this year.

Although Strive has not disclosed any Bitcoin holdings yet, it asserts that it will encounter fewer restrictions on buying Bitcoin than companies going public via Special Purpose Acquisition Company mergers. However, to proceed with the Mt. Gox claims, it needs approval from shareholders. Accordingly, Strive plans to submit a filing to the Securities and Exchange Commission detailing the complete terms of the proposed transaction.

As Mt. Gox is estimated to fully reimburse its creditors by October 31, Strive would need to gain shareholder approval sooner rather than later.

Mt. Gox, a Japanese-based firm, was the largest Bitcoin exchange before its downfall in 2014 due to a security breach, leading to the theft of approximately 750,000 Bitcoin.

Strive’s shift towards becoming a Bitcoin treasury company mirrors an industry-wide trend where more firms are opting to retain Bitcoin as a long-term strategic asset on their balance sheets. Another recent entrant in the Bitcoin treasury realm is Twenty One Capital, which has secured backing from Tether, SoftBank, and Cantor Fitzgerald.

Asset Entities, a social media marketing firm that Strive declared it would merge with on May 7, saw its shares soar up by 18.2%, closing at $7.74 on May 20, according to Google Finance data. This surge has pushed its market cap to $122.1 million, and ASST has surged by 1,170% since the merger announcement.

Post-merger, Strive is anticipated to possess 94.2% of the combined entity, with Asset Entities holding the remaining 5.8%. The merged companies will retain the names Strive and Asset Entities and continue to trade under the ASST ticker.

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Intuit is renowned for its flagship applications – TurboTax, a tax preparation software, and Quickbooks, a small business accounting program. Even though the company let go 10% of its workforce in July to focus on AI, Cole believes that an additional safety net is required as TurboTax may be threatened by AI automation. “While we recognize Intuit’s investments and internal deployment of AI, we think a supplementary hedge is necessary. A Bitcoin reserve seems to be the most viable choice,” Cole suggested.

Having a Bitcoin reserve, according to Cole, will ensure that Intuit has “sufficient strategic capital to withstand the AI upheaval and maintain a strong position throughout the turbulence of the AI revolution.”

In a similar vein, Cole had written to GameStop’s CEO Ryan Cohen in February, advising the gaming retailer to utilize its $4.6 billion in cash to purchase Bitcoin. Cohen acknowledged this in an April 1 regulatory filing, and the company completed a convertible debt offering that raised $1.5 billion, some of which was allocated for Bitcoin purchases.

Cole urged Intuit to reassess the acceptable use policy of its marketing platform, Mailchimp, alleging that it continually suspends cryptocurrency-related accounts due to policy infractions. Cole expressed concern that Intuit’s restrictive policies could potentially discriminate against Bitcoin enthusiasts and adversely impact long-term shareholder value.

Despite its current policy that may not allow accounts offering “cryptocurrencies, virtual currencies, and any digital assets related to an initial coin offering,” Mailchimp clarified that it does not necessarily forbid crypto-related content. They permit the distribution of such content provided it does not involve the sender in the selling, trading, or marketing of cryptocurrency.

Cole suggested that Mailchimp probably drafted its policies when the legal standing of cryptocurrency and related businesses was ambiguous. Nevertheless, he recommends, given the crypto-friendly Trump administration, it’s time to “revise the acceptable use policy to terminate the comprehensive ban on crypto-related businesses.”

Intuit has not yet responded to a request for comment.

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