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By James Van Straten|Edited by Parikshit Mishra
May 27, 2025, 1:00 p.m.
- $750 million raised at $1.35/share with potential to reach $1.5B upon warrant exercise, representing a 121% premium to ASST’s prior closing price.
- Bitcoin Strategy: Funds to support acquisitions of biotech firms, distressed bitcoin claims (e.g., Mt. Gox), and discounted structured bitcoin credit instruments.
- Capital Structure: No debt incurred in the deal, preserving future borrowing capacity to enhance equity returns.
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
buys as the firm builds its bitcoin treasury. The Vivek Ramaswamy-founded firm will deploy alpha-generating strategies aimed at outperforming bitcoin.
STORY CONTINUES BELOW
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
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin and Strategy (MSTR).
