Strive, a publicly traded asset manager and Bitcoin treasury firm, has unveiled a stock sales initiative aimed at raising $500 million to fund further BTC acquisitions.
Co-founded in 2022 by American entrepreneur and politician Vivek Ramaswamy, the company announced on Tuesday that the net proceeds will be allocated to “general corporate purposes, including, among other things, acquiring Bitcoin and Bitcoin-related products and for working capital.”
Additionally, it aims to invest in “income-generating assets” to expand its operations, although specific details were not disclosed.
This initiative marks another instance of a public company leveraging capital markets to accumulate Bitcoin (BTC), a strategy initiated by Michael Saylor’s approach.
Strive is the 14th largest holder of Bitcoin
Currently, Strive ranks as the fourteenth-largest corporate holder of Bitcoin, possessing 7,525 BTC valued at around $694 million based on current market rates.
The firm transitioned to a Bitcoin treasury through a public reverse merger in May. In September, Strive announced its acquisition of Semler Scientific, positioning the combined entity as one of the top corporate holders of BTC.
Related: Strive urges MSCI to reconsider its ‘unworkable’ Bitcoin blacklist
Since launching its first exchange-traded fund in August 2022, Strive Asset Management has expanded its assets under management to over $2 billion.
Strive shares (ASST) rose by 3.6% on Tuesday, finishing the day at $1.02, according to Google Finance. The stock has more than doubled in value since the start of the year.
Strive calls on MSCI to include Bitcoin treasuries
Earlier this month, CEO Matt Cole appealed to stock market index MSCI to “allow the market to decide” on the inclusion of Bitcoin-holding companies in passive investments.
This request follows MSCI’s consultations with the investment community regarding potential exclusions of Bitcoin and other digital asset treasury companies (DATs) with over 50% of their assets in cryptocurrency.
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