The publicly listed asset management company and Bitcoin reserve enterprise Strive recently announced the launch of a $500 million stock sale plan aimed at raising funds to acquire Bitcoin.
The company, co-founded in 2022 by American entrepreneur and political figure Vivek Ramaswamy, stated on Tuesday that it plans to use the net proceeds from the sale for "general corporate purposes, including but not limited to the acquisition of Bitcoin and Bitcoin-related products, as well as for working capital."
Matt Cole noted that the company also plans to acquire "revenue-generating assets" to expand its business scale, but did not specify the types of these assets.
This move represents another significant publicly listed company utilizing the capital markets to accumulate Bitcoin, a strategy initially pioneered by Michael Saylor's Strategy company.
Strive is currently the 14th largest corporate holder of Bitcoin globally, with 7,525 Bitcoins, valued at approximately $694 million based on current market prices.
The company announced its transformation into a Bitcoin reserve enterprise through a public reverse merger in May of this year. In September, Strive agreed to acquire Semler Scientific, making the merged entity one of the largest corporate holders of Bitcoin in the world.
Since launching its first exchange-traded fund in August 2022, Strive Asset Management has expanded its assets under management to over $2 billion.
According to Google Finance data, Strive's stock (ASST) rose 3.6% on Tuesday, closing at $1.02. Its stock price has more than doubled since the beginning of the year.
Earlier this month, Strive CEO Matt Cole urged the stock market index MSCI to "let the market decide" whether to include companies holding Bitcoin in its passive investment portfolio.
This move came after MSCI consulted with the investment community regarding whether to exclude companies with more than 50% of their balance sheet in crypto assets, including Bitcoin and other digital asset reserve companies (DATs).
Related: Dogecoin (DOGE) ETF loses appeal, Bitcoin (BTC) and Ethereum (ETH) dominate market landscape
Original article: “Strive, founded by Vivek Ramaswamy, plans to raise $500 million to buy Bitcoin (BTC)”
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