Strive Secures $750M PIPE Funding to Kickstart Alpha-Driven Bitcoin Acquisition Strategy
Strive has completed a $750 million private investment in public equity (PIPE) financing round, with the possibility to raise an additional $750 million if warrants are exercised, aiming for total proceeds of $1.5 billion.
This capital infusion will fuel Strive’s initial bitcoin (BTC $110,312.58) purchases as the company begins building a robust bitcoin treasury. Founded by Vivek Ramaswamy, Strive plans to employ alpha-generating strategies designed to outperform bitcoin’s market returns.
CEO Matt Cole highlighted that the firm’s unique approach necessitates a new valuation model. The strategy focuses on acquiring undervalued biotech companies, distressed bitcoin claims—including Mt. Gox claims via partnership with 117 Partners LLC—and discounted tranches of structured bitcoin credit.
Recently, Strive revealed plans to target $7.9 billion in Mt. Gox bitcoin claims to enhance its treasury and facilitate a public listing through a merger with Asset Entities (ASST).
The PIPE was priced at $1.35 per share, representing a 121% premium over ASST’s price before the announcement, and features no debt financing, preserving leverage flexibility.
Cole is set to share these insights at the upcoming Bitcoin for Corporations Symposium in Las Vegas.
Cantor Fitzgerald & Co. acted as exclusive financial advisor and placement agent, with legal guidance from Davis Polk, DLA Piper, and Bevilacqua PLLC.
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