Strive Raises $750 Million in PIPE Round to Fuel Innovative Bitcoin Accumulation Strategy
Strive has successfully closed a $750 million private investment in public equity (PIPE) financing, with an option to increase proceeds by an additional $750 million upon warrant exercises, targeting a total capital raise of $1.5 billion.
The fresh funds will support Strive’s initial bitcoin (BTC $110,312.58) acquisitions as the company builds its treasury using alpha-generating strategies aimed at outperforming the broader bitcoin market.
Led by CEO Matt Cole and founder Vivek Ramaswamy, Strive’s investment approach includes acquiring undervalued biotech firms, distressed bitcoin claims—most notably Mt. Gox claims via collaboration with 117 Partners LLC—and discounted structured bitcoin credit tranches.
The firm recently disclosed ambitions to pursue $7.9 billion in Mt. Gox bitcoin claims as part of its treasury expansion and plans to go public through a merger with Asset Entities (ASST).
The PIPE shares were priced at $1.35, representing a 121% premium over ASST’s prior closing price, and the deal avoids debt issuance to maintain financial flexibility.
Cole will present Strive’s strategy at the upcoming Bitcoin for Corporations Symposium in Las Vegas.
Cantor Fitzgerald & Co. served as exclusive financial advisor and placement agent, supported by legal counsel from Davis Polk, DLA Piper, and Bevilacqua PLLC.
