Vivek Ramaswamy’s Strive Asset Management files for Bitcoin Bond ETF with SEC

Strive Asset Management, led by billionaire entrepreneur Vivek Ramaswamy, has filed an application with the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) focused on Bitcoin-linked convertible bonds.

The proposed Strive Bitcoin Bond ETF is designed to provide exposure to bonds issued by corporations that use the proceeds to purchase Bitcoin as part of their treasury strategies.

The Bitcoin Bond ETF

In a Dec. 27 post on X, the company stated, “Strive’s first of many planned Bitcoin solutions will democratize access to Bitcoin bonds, which are bonds issued by corporations to buy Bitcoin.”

The announcement also noted that these bonds offer attractive risk-return characteristics associated with Bitcoin, but are currently out of reach for most investors. The ETF aims to bridge this gap by providing Americans and institutional investors easier access to BTC-related financial instruments.

According to the filing filed on December 26, the proposed ETF will invest in the securities of companies such as MicroStrategy, which has become a prominent player in the corporate adoption of Bitcoin.

Since 2020, under the leadership of Executive Chairman Michael Saylor, MicroStrategy has invested approximately $27 billion in the currency. These purchases were financed through equity offerings and convertible bonds, which typically have low or no interest but can be converted into shares under specific conditions.

The Strive Bitcoin Bond ETF will be actively managed and gain exposure to BTC-linked bonds directly or through derivatives such as swaps and options. To maintain the liquidity and collateral of these instruments, the fund will invest in short-term, high-quality assets such as US Treasuries and money market instruments.

While management fee details have not been disclosed, actively managed funds typically carry higher fees compared to passive alternatives.

Strategic context

Since its inception in 2022, Strive Asset Management has focused on addressing long-term economic risks such as the global fiduciary debt crisis, inflation and geopolitical tensions.

The company stated: “We strongly believe that there is no better long-term investment to protect against these risks than thoughtful exposure to Bitcoin.”

The asset manager views the flagship cryptocurrency as an important part of a diversified investment portfolio, encouraging both individual and institutional investors to allocate funds directly to Bitcoin, BTC bonds and cryptocurrency-focused companies.

Ramaswamy, who launched Strive with a focus on capitalism-driven strategies, has maintained a prominent presence in both business and politics.

Although he briefly ran against Donald Trump in the 2023 Republican presidential primary, he later endorsed the president-elect. After winning, Trump appointed Ramaswamy to co-lead the Department of Government Efficiency (DOGE), an initiative aimed at reducing government waste, with X owner Elon Musk.

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