The asset management company Strive, founded by American entrepreneur and politician Vivek Ramaswamy, announced it has raised $750 million to establish a "create alpha" strategy through Bitcoin-related purchases.
According to the announcement on May 27, these strategies include buying undervalued biotechnology companies, acquiring "distressed Bitcoin claims" related to crypto hacks and bankruptcies, and purchasing underlying shares of Bitcoin credit instruments at discounted prices.
“[…] Our create alpha Bitcoin accumulation strategy aims to achieve sustained outperformance relative to Bitcoin itself, which requires a new valuation framework,” said Strive CEO Matt Cole.
The $750 million fundraising could potentially be expanded through the exercise of warrants, with the total possibly doubling to $1.5 billion. The announcement indicated that the entire fundraising could be used for Bitcoin purchases, which could make Strive the fifth-largest Bitcoin reserve company.
This fundraising, completed through private investment, priced common stock at $1.35 per share. The funds were raised in collaboration with marketing company Asset Entities, and Strive plans to merge with this company.
Strive announced its intention to deploy a Bitcoin reserve strategy in early May while disclosing plans to go public through a reverse merger with social media marketing company Asset Entities.
In a regulatory filing on May 20, the company shared plans to purchase 75,000 BTC from the bankrupt crypto exchange Mt. Gox, targeting claims that have received clear legal rulings and are about to be distributed.
The company plans to start offering Bitcoin to clients in November 2024 and seeks regulatory approval to launch a Bitcoin bond exchange-traded fund in the same year.
Vivek Ramaswamy is a billionaire who primarily accumulated his wealth through his biotechnology company Roivant Sciences. He previously competed against U.S. President Donald Trump in the Republican presidential primaries but later withdrew and supported Trump.
Trump signed an executive order in March to create a national strategic Bitcoin reserve and digital asset inventory.
Related: VanEck executive points out that increasing Bitcoin (BTC) reserves requires congressional legislative authorization
Original article: “Ramaswami's Strive Raises $750 Million for 'Create Alpha' Bitcoin (BTC) Purchase Strategy”
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