Vivek Ramaswamy plans $750M Bitcoin strategy focused on distressed claims
Strive Asset Management seeks Alpha with Mt. Gox claims, biotech bets and no debt
Strive Asset Management, founded by U.S. businessman and former presidential candidate Vivek Ramaswamy, has announced an unconventional Bitcoin acquisition strategy designed to generate alpha and position the firm among the largest holders of the digital asset.
While most companies pursue Bitcoin dominance by banking on price appreciation, Strive — led by Ramaswamy, who was once a vocal supporter of Elon Musk and Dogecoin — plans to accumulate distressed Bitcoin-related claims, such as those tied to Mt. Gox, discounted structured debt instruments, and undervalued biotech stocks with the potential to yield billions in returns.
Hunting Bitcoin Alpha
Strive CEO Matt Cole is scheduled to present the details of this strategy at the “Bitcoin for Corporations” conference in Las Vegas. To support the plan, Strive has entered a merger agreement with NASDAQ-listed Asset Entities, seeking to raise $750 million in equity financing, with a long-term goal of expanding to $1.5 billion.
“Most Bitcoin asset managers are valued based on multiples of their BTC holdings, which makes sense because their strategies rely on leveraged Bitcoin beta. Our Bitcoin alpha strategies aim to outperform Bitcoin itself, which requires a new valuation framework,” Cole said during the merger announcement.
Strive and Asset Entities stated they will not rely on debt to execute this strategy, instead using equity issuance to fund acquisitions. A recent partnership with 117 Castell Advisory Group will enable Strive to purchase distressed Bitcoin claims, including those related to the now-defunct Mt. Gox exchange.
Mt. Gox collapsed in 2014 after losing 850,000 BTC, but it still holds approximately 75,000 BTC yet to be distributed. According to a May 20 filing with the U.S. SEC, Strive intends to acquire legally validated Mt. Gox claims still pending distribution. This would allow the company to accumulate Bitcoin below market value, increasing its BTC per share.
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