Bitcoin News: Vivek Ramaswamy’s Strive to Become Bitcoin Treasury Company in $1B Reverse Merger Deal

Strive Asset Management, founded by former presidential candidate Vivek Ramaswamy, plans to go public and accumulate Bitcoin using newly issued stock.In a bold move aligning with the growing trend of corporate Bitcoin adoption, Strive Asset Management announced on May 7 that it will become a Bitcoin treasury company by merging with Asset Entities, a Nasdaq-listed social media marketing firm. The reverse merger will see Strive operate as a publicly traded company under its original brand and begin accumulating Bitcoin using proceeds from stock and debt issuance.$1 Billion in Equity and Debt to Fund Bitcoin AccumulationUpon closing the deal, Strive intends to raise approximately $1 billion in equity and debt to purchase Bitcoin (BTC), currently trading at $97,384. According to the company, the goal is to create a Bitcoin “war chest” and implement a long-term investment strategy designed to outperform Bitcoin itself.The firm also plans to introduce a tax-efficient structure allowing Bitcoin holders to contribute BTC in exchange for Strive’s public stock, thereby potentially attracting crypto-native investors seeking exposure to equity markets.Strive currently manages $2 billion in assets across multiple funds. In December 2024, it also filed to launch an ETF focused on convertible bonds issued by corporate Bitcoin holders like MicroStrategy.Corporate Bitcoin Treasuries Gain MomentumStrive’s move adds to the expanding list of U.S. companies integrating Bitcoin into their treasury strategies. According to BitcoinTreasuries.net, public companies collectively hold over $74 billion in BTC as of May 7.Firms like Strategy (formerly MicroStrategy) have seen their share prices soar by over 350% in 2024, fueled in part by Bitcoin’s institutional adoption and spot ETF inflows. Analysts from Fidelity Digital Assets describe corporate BTC holdings as a hedge against inflation, debt monetization, and geopolitical risks, and expect more companies to follow suit.Trump Ally and Former Presidential Candidate Behind StriveVivek Ramaswamy, who founded Strive in 2022, is a prominent entrepreneur with a reported net worth of $1 billion, primarily earned from his biotech startup Roivant Sciences. After a brief run in the 2024 Republican presidential primary, Ramaswamy endorsed Donald Trump, now President-elect.Strive’s public mission has focused on helping investors “harness the power of capitalism,” a theme that Ramaswamy says aligns with his pro-free market, anti-woke investing philosophy, according to Cointeegraph.