Strive, a Bitcoin Treasury Company co-founded by former White House candidate Vivek Ramaswamy, has raised $500 million. A look back at this fundraising effort promising new investments.
Vivek Ramaswamy’s Strive raises $500 million to buy even more bitcoin
Between 2023 and 2024, Vivek Ramaswamy made headlines by becoming, along with Robert Francis Kennedy Jr., the first candidate in a US presidential election to accept donations in Bitcoin (BTC) for his campaign. He subsequently made numerous pro-crypto statements before withdrawing his candidacy to support Donald Trump. This earned him a position at the head of the famous Department of Government Efficiency (DOGE) alongside Elon Musk, a position he quickly abandoned to return to his own pursuits.
In 2022, Vivek Ramaswamy co-founded Strive alongside Anson Frericks, and although he stepped down as executive chairman to focus on his presidential ambitions, his company adopted a Bitcoin Treasury Company model last May.
With 7,525 bitcoins in reserve, Strive is now the 14th largest publicly traded company in terms of BTC holdings, and could soon move up in the rankings with its new announcement.
The company has unveiled the issuance and sale of $500 million in variable-rate preferred stock, which will be used in particular to make new acquisitions:
Strive plans to use the net proceeds [from this] program for general purposes, including the acquisition of bitcoins and derivatives, financing working capital, purchasing revenue-generating assets to expand its business, other investments, repurchasing Class A common shares, and/or repaying its debt. Strive may also use these proceeds to finance acquisitions of businesses, assets, or technologies complementary to its current business.
On the stock market, it should be noted that the performance of its ASST common stock is in line with that of most Digital Assets Treasuries (DATs). And for good reason: after rising more than 2,000% following its change in management last spring, the price of the stock has since fallen 92%:
While the company has a market capitalization of $882 million, it holds the equivalent of $700 million in bitcoins at the current price of BTC. Depending on the amount that will be purchased in the near future, we will be able to see how this ratio evolves.
