Bitcoin has recently achieved a remarkable all-time high of over $109,000, yet it now faces significant resistance at the $110,000 mark. The rise in whale wallets to 2,019 suggests a
Strive Asset Management has announced an initiative to build a 75,000 Bitcoin (BTC) treasury by buying claims from the bankrupt crypto exchange Mt. Gox. These claims, valued at about $8 billion at current market prices, have been legally approved but have yet to be distributed. Mt. Gox’s Bankruptcy Claims In a May 20 filing with the U.S. Securities and Exchange Commission (SEC), Strive announced it has entered a partnership with 117 Castell Advisory Group LLC. The deal is focused on identifying and evaluating distressed BTC claims, including those from the Mt. Gox estate. The company said its strategy aims to buy BTC exposure at lower prices than the market, which could increase the asset’s price per share. This would also support its long-term goal of performing better than the flagship cryptocurrency. To move forward with the transaction, Strive intends to submit a full filing with the SEC outlining the terms of the proposal. Asset Entities (ASST), a social media marketing firm that will soon merge with the company, will then distribute a proxy statement and prospectus to stakeholders for approval. Mt. Gox, once the largest Bitcoin exchange, handled about 70% of global BTC transactions before its collapse in 2014 due to several security breaches that led to the theft of approximately 750,000 BTC. This resulted in the platform filing for bankruptcy, which ended in a lengthy rehabilitation process to compensate creditors. Since the Japan-based exchange is scheduled to complete repayments by October 31, Strive must secure shareholder approval before then. Merger Details Earlier this month, Strive announced its upcoming merger with Asset Entities. If approved, the deal would create the first publicly-traded asset management firm focused on BTC. The new entity will operate under the ASST brand with plans to adopt a Bitcoin treasury strategy. Strive also said it will use tax-efficient methods to increase Bitcoin exposure per share. This includes giving investors the option to trade it for stock under Section 351 of the U.S. tax code to reduce tax costs. The firm plans to raise up to $1 billion through equity and debt offerings, which will be used to buy the digital asset in ways that reduce shareholder dilution. The investment company aims to use reverse mergers, discounted purchases, and hedging strategies to support shareholder value. Matt Cole, CEO of Strive, will lead the combined enterprise. The latest development comes as other firms continue expanding their Bitcoin reserves. Strategy recently disclosed a purchase of 7,390 BTC for $764.9 million, bringing its total to 576,230 BTC. Japan-based Metaplanet also added 1,004 BTC, increasing its holdings to 7,800 BTC. The post Strive Asset Management Eyes $8B in Bitcoin from Mt. Gox Claims appeared first on CryptoPotato .
The Texas House passed Senate Bill 21 (SB 21) on Wednesday to create a state-managed bitcoin reserve, advancing it to Governor Greg Abbott’s desk for final approval or veto within 20 days. Cryptocurrency in State Hands: Texas Legislature Passes Bitcoin Reserve Bill The bill, titled the Texas Strategic Bitcoin Reserve and Investment Act, aims to
Cardano stays strong near its critical level, while XRP shows potential below a pivotal barrier. Chart patterns and key signals hint at a bullish movement for these tokens. Readers will discover signs that could indicate an upward trend for these cryptocurrencies. Dive in to uncover which digital assets might surge soon. Cardano Price Analysis: Monthly Gains and Current Market Dynamics Cardano experienced a 19% surge over the last month yet showed a 10% decline over the past six months, with a recent weekly drop of nearly 11% suggesting short-term bearish pressure. Price movements reflect mixed sentiment as quick gains are accompanied by corrective dips. The evolving momentum during these periods indicates intermittent optimism balanced by market caution, highlighting shifts in investor behavior. Currently, the price ranges between approximately $0.55 and $0.78, with support near $0.41 and resistance around $0.88. The market lacks a strong bullish push or clear directional force. Monitoring price action within these levels can present trading opportunities, as a breakout above $0.88 could lead to further highs, while a drop below support may signal caution for traders. XRP: Recent Surge and Technical Levels in Focus XRP showed notable upward movement over the past month, gaining 12.36%, and an impressive 86.99% increase over the last six months. A recent one-week drop of 9.59% reflects short-term volatility amid strong longer-term growth. Price advances have pushed historical trends higher, highlighting XRP’s dynamic momentum and market recognition during this period. Current pricing centers around a range of $1.75 to $2.50. The nearest resistance is at $2.80, while support is anchored around $1.31, with second resistance and support levels at $3.55 and $0.56, respectively. Bulls and bears appear balanced, showing no clear trend. Traders may consider buying near support and selling as the price approaches resistance levels. Conclusion ADA is maintaining its recent breakout level, showing stability and strength. XRP is gathering momentum just below a key resistance. Both coins exhibit technical signals hinting at a potential upward move. The market shows promising signs for ADA and XRP, suggesting room for gains if positive factors align. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Dogecoin consolidates near a key resistance level as metrics and whale moves support upside. Whale activity and technical pressure converge near $0.239 as DOGE consolidates. Rising MVRV and stock-to-flow metrics
Bitcoin’s recent surge has caught the attention of investors, bolstered by significant spot ETF inflows and a lack of excessive leverage in the futures market. This growth is not merely
Dogecoin consolidates near a key resistance level as metrics and whale moves support upside.
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