Strive Asset Management, founded by entrepreneur and former U.S. presidential candidate Vivek Ramaswamy, is making a dramatic pivot to become a major Bitcoin treasury company. The firm announced plans to go public via a reverse merger with Nasdaq-listed Asset Entities, a social media marketing company. The newly combined entity will operate under the Strive brand and tap public markets to raise funds for Bitcoin purchases.

Once the merger is complete, Strive aims to raise approximately $1 billion through equity and debt issuance. The company says it will use all available means to accumulate Bitcoin and develop a long-term investment strategy that aims to outperform Bitcoin itself. Strive also plans to allow BTC holders to exchange their Bitcoin for public stock in a structure designed to be tax-efficient.

As of May 7, Strive manages about $2 billion in net assets across multiple funds. The company is also pushing further into crypto finance, having filed to launch an ETF that invests in convertible bonds issued by other corporate Bitcoin holders.

The rise of corporate Bitcoin treasuries has accelerated since Wall Street approved spot Bitcoin ETFs. Firms like Strategy have seen their stock prices soar by 350% in 2024 after adopting BTC strategies. According to Bitcointreasuries.net, companies now collectively hold over $74 billion in Bitcoin.

A report by Fidelity Digital Assets suggests this trend could provide a hedge against inflation, currency devaluation, and geopolitical instability.

Ramaswamy, a close ally of President-elect Donald Trump, founded Strive in 2022 with the mission to “harness the power of capitalism.” After challenging Trump in the 2023 GOP primary, he later endorsed him, reinforcing his strong ties to the incoming administration.