Strive Asset Management, founded by Vivek Ramaswamy, has announced plans to become a public Bitcoin treasury company through a merger with Asset Entities.
Strive's Merger Plans
In a press release dated May 7, Strive announced its intent to go public through a reverse merger with Asset Entities, a social media marketing firm listed on Nasdaq. The combined company will leverage its access to public markets to finance Bitcoin purchases and is expected to issue around $1 billion in equity and debt to accumulate BTC post-merger.
Popularity of Corporate Bitcoin Treasuries
Corporate Bitcoin treasuries have gained popularity since the approval of Bitcoin ETFs on Wall Street. Analysts suggest adding Bitcoin to corporate treasuries can be a valuable hedge against rising fiscal deficits and currency debasement. As of May 7, corporate Bitcoin treasuries collectively hold approximately $74 billion worth of BTC.
Connection to Donald Trump
Vivek Ramaswamy, founder of Strive, is known for his support of Donald Trump. Although he initially ran against Trump in the 2023 Republican primary, he later endorsed the president-elect.
Strive's strategy regarding the Bitcoin treasury marks a significant move amid the growing popularity of corporate Bitcoin ownership and may impact the market.
