Ramaswami's Strive raises $750M for 'alpha-generating' Bitcoin buy strategy
Strive, an asset manager founded by Vivek Ramaswamy, has raised $750 million to implement Bitcoin-related investment strategies. These strategies include acquiring undervalued biotech firms, distressed Bitcoin claims from hacks and bankruptcies, and discounted Bitcoin credit vehicles. CEO Matt Cole stated that these strategies aim for sustained outperformance compared to Bitcoin itself. The capital raise could potentially increase to $1.5 billion through warrant exercises. The funds were raised at $1.35 per share and involve a merger with marketing company Asset Entities. Strive plans to purchase 75,000 BTC from the bankrupt Mt. Gox exchange, targeting legally resolved claims. The company began offering Bitcoin to clients in November 2024 and is seeking regulatory approval for a Bitcoin bond ETF. Ramaswamy previously ran against Trump in the Republican primaries and later endorsed him. Trump signed an executive order in March to establish a national strategic Bitcoin reserve.
