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Strive, an asset manager founded by Vivek Ramaswamy, asked United States regulators for permission to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers, according to a Dec. 26 filing. <\/p>\n
The ETF seeks to offer exposure to “Bitcoin Bonds,” described as “convertible securities issued by MicroStrategy” or by other companies that plan to “invest all or a significant portion of the proceeds to purchase Bitcoin,” according<\/a> to the filing. <\/p>\n The Strive Bitcoin Bond ETF will be actively managed and will gain exposure to Bitcoin bonds either directly or through financial derivatives such as swaps and options, Strive said.<\/p>\n Strive has not yet specified the management fees investors will be charged, but actively managed funds typically charge more than passive index funds.<\/p>\n Entities holding Bitcoin in their treasuries. Source: <\/em>BitcoinTreasuries.<\/em><\/a>NET<\/em><\/p>\n<\/figcaption><\/figure>\n Beginning in 2020, MicroStrategy has spent about $27 billion buying Bitcoin (BTC<\/a>) as part of a corporate treasury strategy spearheaded by co-founder Michael Saylor.<\/p>\n Its stock, MSTR, has since gained more than 2,200%, outperforming practically every sizeable public company except Nvidia.<\/p>\n MicroStrategy has financed its buys by issuing a mixture of new stock and convertible bonds. Its bonds pay low or no interest but may convert to MSTR shares under certain conditions. <\/p>\n Other companies have followed suit. Corporate treasuries now hold about $56 billion worth of BTC, according<\/a> to BitcoinTreasuries.NET.NET.<\/p>\n Source: <\/em>Nate Geraci<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n Ramaswamy, an outspoken ally of President-elect Donald Trump, founded Strive in 2022. The asset manager aims to help investors “harness the power of capitalism,” according to Strive’s website. <\/p>\n In 2023, Ramaswamy — who earned most of his $1 billion net worth from founding biotechnology startup Roivant Sciences — campaigned against Trump in the Republican presidential primary. <\/p>\n He later endorsed the president-elect. In November, Ramaswamy joined Tesla founder Elon Musk as a leader of the Department of Government Efficiency (DOGE<\/a>), a private initiative intended to cut wasteful government spending.<\/p>\n Industry analysts see Trump’s presidential win as a green light for more than half a dozen proposed crypto ETFs<\/a> waiting on regulatory approval to list in the US.<\/p>\n In 2024, asset managers submitted a flurry of regulatory filings to list ETFs holding altcoins, including Solana (SOL<\/a>), <\/strong>XRP (XRP<\/a>) and Litecoin (LTC<\/a>),<\/strong> among others. <\/p>\n Since winning the US presidential election on Nov. 5, Trump has proposed appointing pro-crypto industry leadership for key regulatory agencies. <\/p>\n In December, the President-elect announced<\/a> former PayPal chief operating officer David Sacks as his “AI and crypto czar,” and former SEC commissioner Paul Atkins as his pick for Securities and Exchange Commission chair.<\/p>\nBitcoin bonds<\/h3>\n
Related: <\/strong><\/em>These crypto ETFs are ‘call options’ on the US elections<\/strong><\/em><\/a><\/h1>\n
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Trump connection<\/h3>\n