Vivek Ramaswamy’s Strive Asset Management Files for Bitcoin Bond ETF with SEC
2024-12-27
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Strive Asset Management, led by billionaire entrepreneur Vivek Ramaswamy, has filed a request with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) focused on Bitcoin-linked convertible bonds.
The proposed Strive Bitcoin Bond ETF is designed to offer exposure to bonds issued by corporations that use the proceeds to purchase Bitcoin as part of their treasury strategies.The Bitcoin Bond ETF
In a December 27 post on X, the firm stated, “Strive’s first of many planned Bitcoin solutions will democratize access to Bitcoin bonds, which are bonds issued by corporations to purchase Bitcoin.”
The announcement further noted that these bonds offer attractive risk-return characteristics associated with Bitcoin but are currently out of reach for most investors. The ETF aims to bridge this gap by providing everyday Americans and institutional investors with easier access to BTC-related financial instruments.
According to the filing submitted on December 26, the proposed ETF will invest in securities from companies like MicroStrategy, which has become a prominent player in corporate Bitcoin adoption.
Since 2020, under the leadership of Executive Chairman Michael Saylor, MicroStrategy hasinvestedapproximately $27 billion in the coin. These purchases were financed through equity offerings and convertible bonds, which typically carry low or no interest but can be converted into shares under specified conditions.
The Strive Bitcoin Bond ETF will be actively managed and will achieve its exposure to BTC-linked bonds either directly or through derivatives such as swaps and options. To maintain liquidity and collateral for these instruments, the fund will invest in high-quality, short-term assets like U.S. Treasuries and money market instruments.
While details regarding the management fee have not been disclosed, actively managed funds often come with higher fees compared to passive alternatives.Strategic Context
Since its start in 2022, Strive Asset Management has focused on addressing long-term economic risks, including the global fiat debt crisis, inflation, and geopolitical tensions.
The company stated, “We strongly believe there is no better long-term investment to hedge against these risks than thoughtful exposure to Bitcoin.”
The asset manager views the flagship cryptocurrency as an important part of a diversified investment portfolio, encouraging both individual and institutional investors to allocate funds directly to Bitcoin, BTC bonds, and companies focused on the cryptocurrency.
Ramaswamy, who launched Strive with a focus on capitalism-driven strategies, has maintained a high-profile presence in both business and politics.
Although he brieflyranagainst Donald Trump in the 2023 Republican presidential primary, he later endorsed the President-elect. Upon winning, Trump appointed Ramaswamy to co-lead theDepartment of Government Efficiency(D.O.G.E.), an initiative aimed at reducing government waste, with X owner Elon Musk.