Strive Asset Management, co-founded by Ohio gubernatorial candidate Vivek Ramaswamy, has raised $750 million, with which it plans to build a substantial Bitcoin treasury. In a May 27, 2025, announcement, the company said that it isn’t a typical “Bitcoin treasury company” but is an alpha-generating asset manager that uses Bitcoin as a store of value.
Interestingly, the firm plans to use these funds to acquire underperforming biotech companies, converting their cash reserves into Bitcoin. This strategy aims to outperform traditional Bitcoin treasury approaches by leveraging the cash assets of these companies.
“Strive can generate value by purchasing Bitcoin claims with definitive legal judgments but pending distribution—exemplified by Mt. Gox. These claims trade at a discount to the current Bitcoin market price, producing potential alpha for a long-term Bitcoin holder like Strive if purchased”, the company noted as part of its Alpha Strategies deck
Strive has partnered with 117 Partners, a firm with deep expertise in bankruptcy claims and special‐situation financings across Bitcoin restructurings, to help it with the proceedings. In doing so, instead of using the usual methods like convertible notes, preferred stock, or selling shares—like Michael Saylor’s company Strategy does—Strive is taking a different approach to accumulate BTC.
The company also said that it could expand the $750 million further through the exercise of warrants, and double the total funds raised to $1.5 billion. If it does go on to make these purchases, it would make Strive the fifth-largest Bitcoin treasury company.