Strive to issue $1 billion in stock to buy Bitcoin

Strive Asset Management, led by entrepreneur Vivek Ramaswamy, announced plans to become a Bitcoin (CRYPTO:BTC) treasury company by going public through a reverse merger.

The company will merge with Asset Entities, a Nasdaq-listed social media marketing firm, and operate under the Strive brand.

Strive intends to raise approximately $1 billion in equity and debt after the merger closes and use the proceeds to accumulate Bitcoin.

According to the May 7 announcement, the firm plans to use all available mechanisms to build a Bitcoin reserve and develop a long-term investment strategy aimed at outperforming Bitcoin itself.

The company also plans to allow Bitcoin holders to exchange their Bitcoin for public stock through a tax-efficient structure.

As of early May, Strive manages about $2 billion in net assets across various funds.

In December 2024, Strive filed to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.

Corporate Bitcoin treasuries have grown in popularity since Bitcoin ETFs gained approval on Wall Street.

According to Bitcointreasuries.net, corporate treasuries collectively hold around $74 billion worth of Bitcoin as of May 7.

Fidelity Digital Assets noted in a 2024 report that adding Bitcoin to corporate treasuries can serve as a hedge against fiscal deficits, currency debasement, and geopolitical risks.

Vivek Ramaswamy founded Strive in 2022 with the goal of helping investors harness capitalism’s power.

Ramaswamy, who earned a significant portion of his $1 billion net worth from biotech startup Roivant Sciences, ran against Donald Trump in the 2023 Republican presidential primary before endorsing him.

At the time of reporting, the Bitcoin (BTC) price was $99,149.31.