Strive Asset Management, the financial firm co-founded by entrepreneur and former political candidate Vivek Ramaswamy, is making headlines with a bold capital raise aimed squarely at Bitcoin accumulation. On Tuesday, the company announced it had secured $750 million through a private investment in public equity (PIPE) agreement as part of a reverse merger with Asset Entities, a publicly traded firm.
The funds are earmarked primarily for purchasing Bitcoin, but the financial arrangement also includes warrant provisions that could unlock up to an additional $750 million—potentially doubling the available capital to $1.5 billion. This war chest would place Strive among the most aggressively positioned corporate entities in the Bitcoin treasury space.
Unlike traditional treasury plays that mirror Bitcoin’s price movement, Strive’s leadership argues that their approach is built for outperformance. CEO Matt Cole highlighted that the firm’s accumulation strategy is focused on generating alpha, not just tracking market trends.
“Our approach isn’t about riding Bitcoin’s coattails,” Cole noted.
“It’s about constructing a model that can consistently beat it.”
Strive Bets on Alpha Over Passive Bitcoin Exposure
Strive Asset Management is steering clear of conventional treasury tactics as it aims to outpace Bitcoin-focused peers. While companies like MicroStrategy have leaned heavily on instruments such as convertible notes and equity offerings to build their crypto war chests, Strive is charting a different course—one centered on extracting alpha through unconventional Bitcoin accumulation methods.
The $750 million PIPE deal, along with an additional $750 million in exercisable warrants, valued Asset Entities (ASST) shares at $1.35—a striking premium of over 100% compared to the stock’s prior closing price. The transaction serves as a launchpad for Strive’s “first wave” of Bitcoin strategies, a suite of high-conviction bets that includes scooping up distressed claims from legacy bankruptcies like Mt. Gox, acquiring undervalued biotech firms trading below net cash value, and targeting the lowest-risk slices of Bitcoin-backed structured credit deals.
Notably, the firm has chosen to forgo debt financing in this round entirely. According to executives, the move preserves full leverage optionality for future strategic deployments, allowing the company to remain nimble in an increasingly dynamic digital asset market.
GameStop Pressure Previewed Strive’s Bitcoin Ambitions
Strive’s blueprint for building a Bitcoin treasury has been in motion since early May, when the firm revealed plans to merge with Asset Entities as part of its crypto-forward expansion. But the company’s appetite for Bitcoin exposure predates that announcement.
Earlier this year, Strive publicly urged GameStop to pivot its cash reserves into Bitcoin, even proposing a full conversion of the retailer’s treasury into BTC. While GameStop has since confirmed its intention to begin accumulating Bitcoin—backed by a $1.5 billion capital raise—the company has yet to disclose any purchases.
Despite today’s announcement, Asset Entities’ shares (ASST) dropped sharply, shedding nearly 23% to close at $8.07. Still, the stock has soared over 1,400% year-to-date, buoyed by investor enthusiasm surrounding its crypto tie-up with Strive.
Bitcoin itself saw modest gains on the day, ticking up 0.6% to hover around $109,710. The asset remains just below its recent all-time high of $111,814, reflecting strong institutional and retail momentum in the current cycle.
Quick Facts
- Strive raised $750M via PIPE deal in merger with ASST
- Additional $750M in warrants could raise total to $1.5B
- Funds will fuel Bitcoin purchases and strategic crypto bets
- Strategy includes Mt. Gox claims, biotech acquisitions, and BTC-backed credit
- GameStop previously urged by Strive to shift reserves into Bitcoin
- ASST stock fell 23% despite massive year-to-date gains
