Vivek Ramaswamy's Strive to raise $500M to buy Bitcoin

Publicly traded plus manager and Bitcoin treasury institution Strive has announced a $500 cardinal banal income programme to rise funds for further BTC purchases.

The firm, which was co-founded successful 2022 by American entrepreneur and person Vivek Ramaswamy, stated connected Tuesday that it intends to usage the nett proceeds from the merchantability for “general firm purposes, including, among different things, the acquisition of Bitcoin and Bitcoin-related products and for moving capital.”

It besides intends to acquisition “income-generating assets” to turn the company’s business, but did not specify which. 

The determination represents different important nationalist institution utilizing superior markets to accumulate Bitcoin (BTC), a strategy pioneered by Michael Saylor’s Strategy. 

Strive is the 14th largest holder of Bitcoin

Strive is the fourteenth-largest firm holder of Bitcoin, with 7,525 BTC worthy astir $694 cardinal astatine existent marketplace prices. 

The steadfast announced its pivot to a Bitcoin treasury done a nationalist reverse merger successful May. In September, Strive agreed to acquire Semler Scientific successful a determination that positioned the combined entity arsenic 1 of the largest firm holders of BTC.

Related: Strive calls connected MSCI to rethink its ‘unworkable’ Bitcoin blacklist

Since launching its archetypal exchange-traded money successful August 2022, Strive Asset Management has grown to negociate implicit $2 cardinal successful assets.

Strive shares (ASST) gained 3.6% connected Tuesday to extremity the time trading astatine $1.02, according to Google Finance. Its banal has much than doubled since the opening of the year. 

Strive shares summation pursuing the announcement. Source: Google News 

Stive urges MSCI to see Bitcoin treasuries 

Earlier this month, Strive CEO Matt Cole urged banal marketplace scale MSCI to “let the marketplace decide” whether they privation to see Bitcoin-holding companies successful their passive investments.

The determination follows MSCI consultations with the concern assemblage astir whether to exclude Bitcoin and different integer plus treasury companies (DATs) that person a equilibrium expanse with much than 50% crypto assets. 

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