Vivek Ramaswamy’s Ambitious Plan to Raise $500 Million for Bitcoin Purchases

Strive, a publicly traded asset manager and Bitcoin treasury organization co-founded by Vivek Ramaswamy, has revealed plans to raise $500 million through stock sales to expand its Bitcoin holdings. The company, already one of the largest holders of Bitcoin, aims to utilize these funds for general corporate activities, including purchasing Bitcoin and related products.

Key Takeaways

Strive aims to raise $500 million to buy more Bitcoin through a stock sales program.
The company, co-founded by Vivek Ramaswamy, is the 14th largest corporate holder of Bitcoin.
Strive has over $2 billion in managed assets and its shares have experienced significant growth this year.
The CEO of Strive has urged MSCI to consider including Bitcoin-holding companies in index investments.

Vivek Ramaswamy's Ambitious Plan to Raise $500 Million for Bitcoin Purchases

Strive's Stock Sales Program for Bitcoin Acquisition

Strive has announced a plan to participate in stock sales aimed at raising $500 million to further bolster its Bitcoin acquisitions. The firm, co-founded by entrepreneur and politician Vivek Ramaswamy in 2022, indicated on Tuesday that the net proceeds from this sale would be directed toward “general corporate purposes, including the purchase of Bitcoin and Bitcoin-related assets, as well as working capital.” Additionally, Strive plans to invest in “income-generating assets” to facilitate company growth, although specific assets have not been disclosed. This strategy is part of a broader trend where public companies are leveraging capital markets to accumulate Bitcoin, a tactic that was highlighted by Michael Saylor's leadership.

Strive as a Major Bitcoin Holder

Strive currently ranks as the fourteenth-largest corporate holder of Bitcoin, possessing 7,525 BTC valued at roughly $694 million based on current market prices. The firm transitioned to a Bitcoin treasury through a public reverse merger in May and solidified this strategy by agreeing to acquire Semler Scientific in September, making the combined entity one of the largest corporate holders of Bitcoin available today. Related: Strive asks MSCI to reconsider its 'unworkable' Bitcoin blacklist

Since launching its first exchange-traded fund in August 2022, Strive Asset Management has expanded its portfolio to manage over $2 billion in assets. Strive's shares (ASST) saw a 3.6% increase on Tuesday, closing at $1.02, as reported by Google Finance. Since the start of the year, the stock has risen more than twofold.

Strive shares experience growth after the announcement. Source: Google News

Strive's Call to MSCI on Bitcoin Treasuries

Earlier in the month, Strive CEO Matt Cole urged the stock market index MSCI to allow the market to determine whether Bitcoin-holding companies should be included in their passive investment offerings. This appeal came after MSCI engaged in discussions with the investment community regarding the potential exclusion of companies with significant Bitcoin and crypto asset holdings from their indexes.

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