Strive Asset Management was founded by Vivek RAMASWAMY, a former presidential candidate and entrepreneur. He has announced plans to transform into a Bitcoin Treasury Company.
According According to an announcement made on May 7, Strive will go public via a reverse merger, and plan to use its combined stock to acquire Bitcoin.BTC).
The deal will see Strive merging with Asset Entities — a social media marketing company listed on the Nasdaq. The company stated that the new entity would operate under Strive and will utilize its public equity market access to finance Bitcoin purchase.
Strive intends to use BTC to buy approximately $1billion in debt and equity. The asset manager “intends to use all available mechanisms to build a Bitcoin war chest […] and build a long-term investment approach designed to outperform Bitcoin,” I said.
Strive plans that allow “Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be tax-free,” “, it stated. It said.
Strive filed to list an exchange-traded fund Investment in Bitcoin convertible bonds by MicroStrategy or other Bitcoin corporate buyers.
Related: Trump-linked Strive files for ‘Bitcoin Bond’ ETF
Bitcoin corporate treasuries
The popularity of corporate Bitcoin treasuries has grown since Wall Street approved Bitcoin exchange traded funds (ETFs). Share prices of companies that pioneered the Bitcoin Buyer Approach, like Strategy, have risen by 350% in 2024.
According to analysts, adding Bitcoins to the corporate Treasury can help “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” Fidelity Digital Assets is a leading asset management company. said Report on 2024
The corporate Bitcoin treasuries hold approximately $74 billion of BTC collectively as of May 7. according to Bitcointreasuries.net.
Trump Connection
Ramaswamy is an outspoken Trump ally who founded Strive, a financial services company, in 2022. Its stated mission is to aid investors “harness the power of capitalism,” Strive, according to its website.
In 2023, Ramaswamy — who largely earned his $1 billion net worth from biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. He endorsed Trump later.
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Source: cointelegraph.com
