Strive, an asset manager founded by American entrepreneur and politician Vivek Ramaswamy, has announced a $750 million raise to establish “alpha-generating” strategies through Bitcoin-related purchases.
According to a May 27 announcement, the strategies will include buying undervalued biotech companies, purchasing “distressed Bitcoin claims” like those associated with crypto hacks and bankruptcies, and acquiring bottom tranches of Bitcoin credit vehicles at discounted prices.
“ […] our alpha-generating Bitcoin accumulation strategies are designed to drive sustained outperformance relative to Bitcoin itself, which requires a new valuation framework,” Strive CEO Matt Cole said.
Related: Strive targets Intuit for Bitcoin buys after orange-pilling GameStop
The $750 million raise could expand further through the exercise of warrants, potentially doubling the total to $1.5 billion. The announcement indicates that the entire raise could go to Bitcoin purchases, which could make Strive the fifth-largest Bitcoin treasury company.
The raise, completed through private investment,