Ramaswamy's Strive launches wealth management arm to bring Bitcoin to standard portfolios
Strive Enterprises, an asset manager co-founded by Trump surrogate and onetime Republican candidate for President Vivek Ramaswamy and businessman Anson Frericks, launched its new wealth management business on Friday.
The wealth management arm's focus is "...integrating Bitcoin into standard portfolios of everyday Americans as a hedge against...unsustainable global debt levels, rising fixed income yields, long-run inflationary pressures, persistent geopolitical pressures, and potential restrictive monetary controls," a press release states .
The launch follows the closure of $30 million Series B investment round in Strive led by Cantor Fitzgerald, which banks Tether and whose CEO Howard Lutnick is an outspoken Bitcoin advocate. Lutnick will also co-chair Donald Trump's transition team should the latter be reelected to the Presidency following this coming Tuesday's election.
"Our focus on offering clients true financial freedom—through the thoughtful integration of Bitcoin—differentiates our Wealth Management business from nearly all major competitors today," said Strive CEO Matt Cole. The company will also relocate from Columbus, Ohio to Dallas, Texas following the launch.
The success of U.S.-based spot Bitcoin ETFs provides some reasoning for the launch, with BlackRock's fund recently logging record-breaking inflows . Bloomberg Senior ETF Analyst Eric Balchunas recently noted that spot bitcoin ETF buying “started mostly retail” but has become increasingly institutional, with institutional shares of spot ETFs likely to reach 40% within a year.
Aside from the wealth management arm, Strive continues to manage $1.7 billion in assets. The "anti-ESG" company empowers Americans to invest with "a sole focus on shareholder value maximization," the company stated.
