Strive Asset Management, co-founded by Vivek Ramaswamy, successfully closed an oversubscribed Initial Public Offering (IPO) of its Variable Rate Series A Perpetual Preferred Stock (SATA Stock) on Nasdaq, raising $160 million. Due to overwhelming investor demand, the company increased the share offering from 1.25 million to 2 million shares, priced at $80 each.
Following the IPO, Strive acquired 1,567 Bitcoin (BTC) valued at approximately $162 million, at an average price of $103,315 per coin. This purchase brings Strive's total Bitcoin holdings to 7,525 BTC, highlighting a significant institutional commitment to cryptocurrency. Vivek Ramaswamy personally invested in the IPO by purchasing 15,625 shares, and the offering attracted backing from prominent investors such as Peter Thiel, JD Vance, and Bill Ackman.
Ramaswamy stated, “With the acquisition of 1,567 BTC, Strive’s total Bitcoin holdings demonstrate our commitment to institutional investment in cryptocurrency.” The proceeds from the IPO are intended to support corporate strategies, including boosting Bitcoin holdings, and Strive is also acquiring Semler Scientific in an all-stock deal to diversify its portfolio.
This transaction underscores growing institutional interest in Bitcoin and may influence other firms to explore similar crypto investments, potentially stabilizing Bitcoin's value amid evolving market dynamics, though regulatory factors remain a consideration.
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