Strive Secures $750M Investment to Kickstart Strategic Bitcoin Accumulation and Alpha-Driven Growth
Strive has completed a $750 million private investment in public equity (PIPE) round, with the option to raise an additional $750 million should warrants be exercised, positioning the company for total proceeds of up to $1.5 billion.
This fresh capital will fuel Strive’s initial purchases of bitcoin (BTC $110,312.58) as the firm begins building its bitcoin treasury. Founded by Vivek Ramaswamy, Strive plans to deploy alpha-generating investment strategies designed to outperform bitcoin’s price movements.
CEO Matt Cole highlighted that Strive’s approach requires a new framework for valuation. The company’s strategy revolves around acquiring undervalued biotech companies, distressed bitcoin claims—including claims related to Mt. Gox through a partnership with 117 Partners LLC—and discounted tranches of structured bitcoin credit products.
Recently, Strive disclosed its intention to pursue approximately $7.9 billion worth of Mt. Gox bitcoin claims as part of its treasury expansion. The company also plans to go public via a merger with Asset Entities (ASST).
The PIPE deal was priced at $1.35 per share, reflecting a 121% premium over ASST’s closing price before the announcement, and notably involves no debt financing to maintain future leverage flexibility.
Cole is expected to share further details of Strive’s innovative strategies at the upcoming Bitcoin for Corporations Symposium in Las Vegas.
Cantor Fitzgerald & Co. acted as the exclusive financial advisor and placement agent, with legal representation from Davis Polk, DLA Piper, and Bevilacqua PLLC.
