Vivek Ramaswamy’s Strive Asset Management Files with SEC to Launch “Bitcoin Bond” ETF

Strive Asset Management, a wealth manager co-founded by notable figure Vivek Ramaswamy, has filed for a Bitcoin Bond ETF.

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Per a filing with the US Securities and Exchange Commission (SEC), the asset manager seeks to launch an exchange-traded fund (ETF) that tracks bonds that Bitcoin-buying corporate firms issue.

The wealth manager registered the fund with the SEC as the Strive Bitcoin Bond ETF, seeking to actively invest directly in bonds or indirectly through directive instruments such as swaps and options. The fund targets bonds issued by firms like MicroStrategy for Bitcoin purchases.

Strive to Base Primarily on MicroStrategy’s Bitcoin Playbook

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Ramaswamy’s Strive will focus the ETF on the performance of senior convertible notes MicroStrategy issued to investors to raise capital for Bitcoin purchases. Per the filing, the Strive Bitcoin Bond ETF will offer 80% nominal exposure to MicroStrategy’s bond debt instrument.

The ETF manager lauded the business intelligence firm in the filing, noting it is the first and largest “Bitcoin Treasury Company.” Notably, the software firm stands out for its widely adopted playbook of leveraging whatever means available to purchase Bitcoin.

Meanwhile, MicroStrategy has invested almost $28 billion since adopting the asset as a primary treasury asset in 2022. Since then, it has acquired 447,470 BTC at an average cost of $62,503 per asset.

Upon the SEC approval, Strive’s CEO, Matthew Cole, will oversee the funds alongside Jeffrey Sherman and Randol Curtis. Investors in the fund will be subject to management fees and other annualized expenses.

MicroStrategy’s Cohorts Still Target

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Meanwhile, MicroStrategy is not the only firm the ETF will mirror; it will also track other investment firms principally exposed to Bitcoin-related instruments. Some include Metaplanet, Marathon Digital, and Riot Platforms.

Japanese Metaplanet has incessantly invested in Bitcoin, mimicking MicroStrategy’s playbook. The firm recently announced plans to raise $32 million through bond offerings to buy more of the premier asset.

Marathon Digital (MARA), the second-largest public firm holding Bitcoin, is another key player. The crypto miner has been buying Bitcoin through bond issuance, recently noting it would raise $700 million to acquire the asset.

Moreover, the Strive Bitcoin Bond ETF reflects a broader market demand for instruments offering cryptocurrency exposure. The SEC has approved the Bitcoin spot, futures, and options ETFs.