Strive closed a $750 million private investment in public equity (PIPE) round, with an option to increase the financing by another $750 million if the warrants are exercised.
This capital will fund Strive’s initial wave of bitcoin BTC buys as the firm builds its bitcoin treasury. The Vivek Ramaswamy-founded firm will deploy alpha-generating strategies aimed at outperforming bitcoin.
CEO Matt Cole emphasized that Strive’s approach demands a new valuation framework. This strategy is driven by acquisitions of undervalued biotech firms, distressed bitcoin claims—including Mt. Gox claims via a partnership with 117 Partners LLC—and discounted tranches of structured bitcoin credit.
Last week, the firm said it is eyeing $7.9 billion worth of Mt. Gox bitcoin claims as it looks to build its bitcoin treasury and go public via a merger with Asset Entities (ASST).
Read more: Strive Eyes $7.9B Distressed Mt. Gox Bitcoin Claims to Accumulate Discounted BTC
The PIPE was priced at $1.35 per share, a 121% premium over ASST’s pre-announcement closing price, and carries no debt financing to preserve future leverage capacity.
Cole is set to present these strategies at the bitcoin for Corporations Symposium in Las Vegas.
Cantor Fitzgerald & Co. served as exclusive financial advisor and placement agent, with legal counsel provided by Davis Polk, DLA Piper, and Bevilacqua PLLC.
Read more: Strive Asset Management to Go Public, Launch Bitcoin Treasury Strategy With Merger