Vivek Ramaswamy's Strive Secures $750M To Kick Off Bitcoin Treasury Business

Strive Asset Management and Asset Entities have unveiled their first capital raise to get the ball rolling on their Bitcoin treasury business.
Strive intends to differentiate itself in the Bitcoin treasury space with alpha-generating strategies.
Asset Entities stock is up over 1,000% since the firm announced a merger with Strive.

The rush on Bitcoin by corporations is showing no signs of slowing. Among the latest firms to jump on the bandwagon is Strive Asset Management, the financial services firm co-founded by billionaire and former presidential candidate Vivek Ramaswamy.

Roughly three weeks after announcing a merger with Asset Entities ASST that would see the combined company form a public Bitcoin treasury venture, Strive has unveiled its first capital raise to get the ball rolling on the business.

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Strive and Asset Entities said on Tuesday that they had secured $750 million through a private investment in public equity to fund their first round of Bitcoin purchases. They said that the transaction included warrants that could allow for an additional $750 million in financing, potentially increasing the proceeds to $1.5 billion.

If all warrants are exercised, the firm could launch with the fifth largest Bitcoin holdings among public firms, according to BitcoinTreasuries.com.

Not Your Typical Bitcoin Treasury Firm

The modus operandi for Bitcoin treasury firms has so far been to raise capital through some form of low-interest debt or equity offering to purchase Bitcoin at market price, yielding returns for shareholders when the asset rises. Strive intends to do this while leveraging its asset management expertise to incorporate alpha-generating strategies that aim to outperform Bitcoin.

The alpha-generating strategies that have been outlined by Strive include acquiring biotechnology firms trading below their cash balance to unlock discounted cash, acquiring distressed Bitcoin claims and purchasing bottom tranches of structured Bitcoin credit vehicles. The firm already has the ball rolling on at least one of these efforts. It said last week that it was considering the purchase of 75,000 BTC worth of distressed claims tied to the defunct Mt. Gox exchange.

Using these strategies, Strive intends to acquire Bitcoin at a significant discount to market value. Strive CEO Matt Cole said Tuesday at Bitcoin 2025 that this will enable the firm to outperform Bitcoin, regardless of whether its value increases or decreases.

“We’re alpha seekers. And when you think about how to value a company that’s doing both Bitcoin accumulation through beta strategies that accrue value to common equity shareholders and alpha, you have to think about the valuation framework differently. And our belief is that it should be higher,” Cole said, arguing that Strive deserved a higher valuation to net asset value than the competition.

Asset Entities stock is up over 1,000% since the firm announced a merger with Strive. On the day, however, the stock price fell over 12% during normal trading hours but gained 4% after hours.

Meanwhile, Bitcoin is trading near $108,000 at last look, up 13% in the past month but down 1.2% on the day.

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