Strive, a publicly traded asset management and Bitcoin treasury firm, has unveiled a $500 million stock sales initiative aimed at bolstering its Bitcoin holdings. Co-founded in 2022 by entrepreneur and politician Vivek Ramaswamy, the company announced on Tuesday its intention to allocate the proceeds from this sale towards "general corporate purposes." This includes acquiring Bitcoin, Bitcoin-related products, and enhancing working capital. Additionally, Strive plans to invest in "income-generating assets" to further expand its operations, although specific assets have not been disclosed. This approach mirrors a trend among public companies leveraging capital markets for Bitcoin accumulation, a strategy notably advanced by Michael Saylor's firm.
Currently, Strive ranks as the fourteenth-largest corporate Bitcoin holder, possessing 7,525 BTC, which is valued at approximately $694 million based on current market prices. The company transitioned to a Bitcoin treasury strategy following a public reverse merger in May. In a strategic move in September, Strive agreed to acquire Semler Scientific, thereby positioning the merged entity among the prominent corporate holders of Bitcoin.
In related developments, Strive has been vocal about its stance on Bitcoin treasuries. Earlier this month, CEO Matt Cole urged the stock market index provider MSCI to allow market forces to determine the inclusion of companies with significant Bitcoin holdings in passive investment portfolios. This call to action comes as MSCI seeks feedback from the investment community regarding the potential exclusion of digital asset treasury companies (DATs) with balance sheets heavily weighted in cryptocurrencies.
Since the launch of its first exchange-traded fund in August 2022, Strive Asset Management has expanded its managed assets to over $2 billion. Following the announcement of the stock sales program, Strive's shares (ASST) saw a 3.6% increase, closing at $1.02 on Tuesday, according to Google Finance. The stock has more than doubled in value since the start of the year, reflecting investor confidence and strong market performance.