Strive to become Bitcoin treasury company

Published

2 months ago

May 7, 2025

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Strive to become Bitcoin treasury company

Strive Asset Management, founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has revealed plans to transition into a Bitcoin treasury company.

According to a May 7 announcement, Strive is going public through a reverse merger and plans to use the combined company’s stock to accumulate Bitcoin (BTC).

The deal will see Strive merging with Asset Entities — a social media marketing company listed on the Nasdaq. The combined entity will operate under the Strive brand and use its access to the public equity markets to finance Bitcoin purchases, the company said.

Once the deal closes, Strive plans to issue approximately $1 billion in equity and debt and use the proceeds to accumulate BTC. The asset manager “intends to use all available mechanisms to build a Bitcoin war chest […] and build a long-term investment approach designed to outperform Bitcoin,” it said.

Strive plans to allow “Bitcoin holders to contribute Bitcoin in exchange for public stock through a structure that is intended to be tax-free,” it said. As of May 7, the company manages approximately $2 billion in net assets across a variety of funds.

In December, Strive filed to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.

Corporate Bitcoin treasuries

Corporate Bitcoin treasuries have become popular since the approval of Bitcoin exchange-traded funds (ETFs) on Wall Street. Companies pioneering the Bitcoin buyer approach, such as Strategy have seen their share prices surge by 350% in 2024.

Analysts say adding Bitcoin to corporate treasuries can “potentially be a valuable hedge against growing fiscal deficits, currency debasement, and geopolitical risks,” asset manager Fidelity Digital Assets said in a 2024 report.

Corporate Bitcoin treasuries collectively hold roughly $74 billion worth of BTC as of May 7, according to Bitcointreasuries.net.

Trump connection

Ramaswamy, an outspoken ally of President-elect Donald Trump, founded Strive in 2022. Its stated goal is to help investors “harness the power of capitalism,” according to Strive’s website.

In 2023, Ramaswamy — who largely earned his $1 billion net worth from biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. He later endorsed the president-elect.

Magazine: Bitcoin’s $100K push wakes taxman, Vitalik visits real Moo Deng: Asia Express

Politics

MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn

Published

4 hours ago

July 3, 2025

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MP Zarah Sultana who was ousted from Labour announces she is starting new political party with Jeremy Corbyn

An MP who was ousted from the Labour Party has announced she is setting up a new political party with Jeremy Corbyn.

Independent MP Zarah Sultana said she and the former Labour leader will co-lead the new party, which she did not provide a name for.

She said other independent MPs, campaigners and activists from across the country will join them, but did not name anyone.

Politics latest: Zarah Sultana’s stinging resignation letter

Ms Sultana also said she was “resigning” from the Labour Party after 14 years.

She was suspended as a Labour MP shortly after they came to power last summer for voting against the government maintaining the two-child benefit cap.

Several others from the left of the party, including Mr Corbyn, were also suspended for voting against the government, and also remained as independent MPs.

However, Ms Sultana was still a member of the Labour Party – until now.

Mr Corbyn has previously said the independent MPs who were suspended from Labour would “come together” to provide an “alternative.

The other four are: Iqbal Mohamed, Shockat Adam, Ayoub Khan and Adnan Hussain.

Mr Corbyn and the other four independents have not said if they are part of the new party Ms Sultana announced.

In her announcement, Ms Sultana said she would vote to abolish the two-child benefit cap again and also voted against scrapping the winter fuel payment for most pensioners.

Ms Sultana also voted against the government’s welfare bill this week, which was heavily watered down as Sir Keir Starmer tried to prevent a major rebellion from his own MPs.

On Wednesday, Ms Sultana spoke passionately against Palestine Action being proscribed as a terror organisation – but MPs eventually voted for it to be.

She said to proscribe it is “a deliberate distortion of the law to chill dissent, criminalise solidarity and suppress the truth”.

Ms Sultana said they were founding the new party because “Westminster is broken but the real crisis is deeper – just 50 families now own more wealth than half the UK population”.

She called Reform leader Nigel Farage “a billionaire-backed grifter” leading the polls “because Labour has completely failed to improve people’s lives.

The MP, who has spoken passionately about Gaza, added: “Across the political establishment, from Farage to Starmer, they smear people of conscience trying to stop a genocide in Gaza as terrorists.

“But the truth is clear: this government is an active participant in genocide. And the British people oppose it.

“We are not going to take this anymore.”

A Labour Party spokesperson said: “In just 12 months, this Labour government has boosted wages, delivered an extra four million NHS appointments, opened 750 free breakfast clubs, secured three trade deals and four interest rate cuts lowering mortgage payments for millions.

“Only Labour can deliver the change needed to renew Britain.”