Strive Asset Management, a publicly traded asset manager and Bitcoin treasury company co-founded by Vivek Ramaswamy in 2022, has unveiled a $500 million preferred stock sales program aimed at expanding its Bitcoin reserves.
The company stated that proceeds from the sale will be used for “general corporate purposes, including, among other things, the acquisition of Bitcoin and Bitcoin-related products and for working capital.”
Strive also plans to purchase unspecified income-generating assets to support its business growth.
Strive’s position
Strive currently ranks as the fourteenth-largest public corporate holder of Bitcoin, with 7,525 BTC valued at approximately $694 million at prevailing market prices.
The firm’s recent pivot to a Bitcoin treasury strategy followed a public reverse merger in May and the acquisition of Semler Scientific in September, further boosting its holdings.
Since launching its first exchange-traded fund in August 2022, Strive has grown to manage over $2 billion in assets.
Following the stock offering announcement, Strive shares (ASST) surged 3.6% to $1.02, more than doubling in value since the start of the year.
Strive challenges MSCI
Earlier this month, Strive CEO Matt Cole urged index provider MSCI to reconsider its stance on excluding companies with large Bitcoin holdings from major investment benchmarks. Cole stated:
“Let the market decide” whether to include Bitcoin-holding companies in passive investment indices.
MSCI has been consulting with investors about whether to remove digital asset treasury companies with more than 50% of their balance sheet in Bitcoin.
Growing trend of corporate bitcoin accumulation
Strive’s move highlights the continued adoption of Bitcoin as a treasury asset among public companies, a strategy pioneered by firms like MicroStrategy.
