Strive, an asset manager founded by American entrepreneur and politician Vivek Ramaswamy, has announced a $750 million raise to establish “alpha-generating” strategies through Bitcoin-related purchases.

According to a May 27 announcement, the strategies will include buying undervalued biotech companies, purchasing “distressed Bitcoin claims” like those associated with crypto hacks and bankruptcies, and acquiring bottom tranches of Bitcoin credit vehicles at discounted prices.

“ […] our alpha-generating Bitcoin accumulation strategies are designed to drive sustained outperformance relative to Bitcoin itself, which requires a new valuation framework,” Strive CEO Matt Cole said.

Related: Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

The $750 million raise could expand further through the exercise of warrants, potentially doubling the total to $1.5 billion. The announcement indicates that the entire raise could go to Bitcoin purchases, which could make Strive the fifth-largest Bitcoin treasury company.

The raise, completed through private investment, was priced at $1.35 per share of common stock. The funds were raised in partnership with Asset Entities, a marketing company that Strive plans to merge with.

Strive announced its intentions to deploy a Bitcoin treasury strategy in early May, also revealing plans to go public through a reverse merger with social media marketing company Asset Entities.

In a May 20 regulatory filing, the company shared plans to purchase 75,000 BTC from the bankrupt crypto exchange Mt. Gox, targeting claims that have received definitive legal rulings and in line for distribution.

The company began offering Bitcoin to clients in November 2024 and sought regulators’ permission to offer a Bitcoin bond exchange-traded fund in the same year.

Vivek Ramaswamy, a billionaire who largely built his net worth through his biotech company Roivant Sciences, ran against US President Donald Trump in the Republican presidential primaries. He later withdrew and endorsed Trump.

Trump signed an executive order in March to create a national strategic Bitcoin reserve and digital asset stockpile.

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