Ramaswamy’s Strive Seeks Approval for Bitcoin Bond ETF
Strive, founded by entrepreneur and political leader Vivek Ramaswamy, has filed for an exchange-traded fund (ETF) focused on investing in convertible bonds issued by corporate Bitcoin holders.
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Strive, founded by entrepreneur and political leader Vivek Ramaswamy, has filed for an exchange-traded fund (ETF) focused on investing in convertible bonds issued by corporate Bitcoin holders.
Companies issue these convertible bonds to raise debt capital for acquiring Bitcoin as part of their corporate treasury strategy. MicroStrategy is the pioneer of this approach, and 2024 saw significant success for new issuers, including Japan’s Metaplanet and U.S.-based public Bitcoin miner MARA Holdings. By the end of the year, video hosting platform Rumble also joined this trend.
The annual returns of many such companies have outperformed Bitcoin itself. Strive’s ETF aims to allow investors to benefit from these successes without directly buying Bitcoin. Strive positions the fund as a tool to expand investor access to Bitcoin bonds.
Strive’s ETF application filed on December 26, 2024. Source: sec.gov
Vivek Ramaswamy, founder of Strive, has close ties to Donald Trump. In 2023, Ramaswamy participated in the Republican primaries, running against Trump, but later endorsed his candidacy. That November, he joined Elon Musk in leading the Department of Government Efficiency (DOGE), an initiative aimed at optimizing government operations and reducing wasteful spending.
Analysts suggest that Trump’s victory in the presidential election has created favorable conditions for the approval of several crypto ETF applications currently under review by the Securities and Exchange Commission (SEC). These include submissions from companies such as Grayscale, as well as Bitwise and Canary Capital, both of which have filed for spot Solana ETFs.
Following his election win, Trump announced plans to appoint crypto-friendly individuals to key regulatory positions. On December 5, he named former PayPal chief operating officer David Sacks as his “AI and crypto czar.” Just two weeks later, on December 18, he nominated former SEC commissioner Paul Atkins as the next chairman of the agency.
These appointments are expected to significantly influence crypto market regulation in the U.S., fostering rapid growth in the virtual currency industry and further integrating it into the world of traditional finance (TradFi).
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