Strive's $1.5B Bitcoin Plan Adds Biotech Focus

Strive Asset Management, co-founded by Vivek Ramaswamy, has raised $750 million via a PIPE financing round, with the potential to reach $1.5 billion if warrants are exercised. The funds will support the building of a Bitcoin treasury and the use of alpha-generating strategies, including acquiring distressed Bitcoin claims (such as those from the Mt. Gox bankruptcy), purchasing undervalued biotech companies, and buying discounted tranches of structured Bitcoin credit. The PIPE was priced at a significant premium to Asset Entities’ pre-announcement share price. Strive's approach aims to outperform traditional Bitcoin treasury companies and has already led to a surge in Bitcoin trading volume, reflecting increased institutional interest. The company plans to go public through a reverse merger with Asset Entities and has avoided debt in this transaction to maintain future leverage capacity. If successful, Strive could become one of the largest institutional holders of Bitcoin.