Vivek Ramaswamy-Backed Strive Trolls Strategy With A 32 Bitcoin Purchase

• Vivek Ramaswamy-backed Strive purchased 32 Bitcoin for $2.05 million over the past week in response to Strategy’s controversial sale of the asset.
• The company now owns 19,032 BTC, making it the seventh-largest public company by Bitcoin holdings.

Strive Asset Management (ASST), a structured finance and institutional management company, disclosed that it bought 32 Bitcoin (BTC) last week. It came in response to Strategy’s (formerly MicroStrategy) recent sale of the asset, which sparked a market-wide drawdown in crypto prices.

Strive’s Bitcoin Reserves and Exposure

Bitcoin was off to a rocky start in June as Strategy (MSTR) opened the month with a 32 BTC sale. While the amount was but a fraction of the company’s 845,256 BTC reserve as of Monday, many considered it a symbolic betrayal to those who believed it was “never selling” its Bitcoin holdings.

Along the way, Strive, the company co-founded by former Republican presidential candidate Vivek Ramaswamy, saw the event as an opportune time to ride on the event’s virality. The company’s filing with the US Securities and Exchange Commission (SEC) on Monday revealed that it acquired 32 BTC for roughly $2.05 million from June 2 to 7. The transactions averaged at $63,911 per BTC.

The move increases Strive’s portfolio to 19,032 BTC, cementing its position as the seventh-largest accumulator of the crypto asset among other publicly traded companies. It has notably overtaken Coinbase Global’s 16,492 BTC treasury per current BitcoinTreasuries.net data.

The business’s BTC haul stacks with its Bitcoin exposure through Strategy’s STRC shares. The filing reveals that the company also holds 505,000 in STRC, translating to a fair value of $47,200 at the time of filing.

Vivek Ramaswamy’s Current Role in Strive

Ramaswamy founded Strive with Anson Frericks in 2022. It was grounded on their vision to “depoliticize corporate America.” Additionally, it aimed to democratize Americans’ access to financial opportunities without the influence of controversial environmental, social, and governance (ESG) or diversity, equity, and inclusion (DEI) mandates.

Ramaswamy relinquished his position as Executive Chairman of the company as he pursued his political ambition in 2023. He launched a campaign for the US presidency under the Republican banner, but eventually lost to Donald Trump in the primaries.

Nonetheless, recognizing his potential as an ally and contributions to Trump’s presidential bid, Ramaswamy secured a lead role, alongside American billionaire Elon Musk, at the now-defunct Department of Government Efficiency (D.O.G.E.). But then again, he immediately exited his position at the White House to pursue his plan to run for the Ohio gubernatorial election in 2026.

Ramaswamy recently clinched the Republican Party’s Ohio primary, which pitted him against businessman Casey Putsch. He now advances to face Democratic candidate and former health director Amy Acton for the state governorship.

Citing recent filings, Stock Titan claimed Ramaswamy maintains a nearly 8% controlling stake in Strive.

The post Vivek Ramaswamy-Backed Strive Trolls Strategy With A 32 Bitcoin Purchase appeared first on Blockzeit.