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

Publicly traded asset manager and Bitcoin treasury company Strive has announced a $500 million stock sales program to raise funds for additional BTC purchases.

The firm, which was co-founded in 2022 by American entrepreneur and politician Vivek Ramaswamy, on Tuesday that it intends to use the net proceeds from the sale for “general corporate purposes, including, among other things, the acquisition of Bitcoin and Bitcoin-related products and for working capital.”

It also intends to purchase “income-generating assets” to grow the company’s business, but did not specify which. 

The move represents another significant public company using capital markets to accumulate Bitcoin (), a strategy pioneered by Michael Saylor’s Strategy. 

Strive is the 14th-largest holder of Bitcoin

Strive is the 14th-largest corporate holder of Bitcoin, with 7,525 BTC worth approximately $694 million at current market prices. 

The firm its pivot to a Bitcoin treasury through a public reverse merger in May. In September, Strive agreed to Semler Scientific in a move that positioned the combined entity as one of the largest corporate holders of BTC.

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Since launching its first exchange-traded fund in August 2022, Strive Asset Management has grown to manage over $2 billion in assets.

Strive shares (ASST) gained 3.6% on Tuesday to end the day trading at $1.02, to Google Finance. Its stock has more than doubled since the beginning of the year. 

Stive urges MSCI to include Bitcoin treasuries 

Earlier this month, Strive CEO Matt Cole stock market index MSCI to “let the market decide” whether they want to include Bitcoin-holding companies in their passive investments.

The move follows MSCI consultations with the investment community about whether to exclude Bitcoin and other digital asset treasury companies (DATs) that have a balance sheet with more than 50% crypto assets. 

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