Trump-Linked Strive Files for Bitcoin Bond ETF

On December 26, Strive, a asset management firm founded by Vivek Ramaswamy, submitted a filing with United States regulators seeking permission to list an exchange-traded fund (ETF) that invests in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.

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A New Type of Investment: Bitcoin Bonds

The ETF, dubbed the Strive Bitcoin Bond ETF, aims to provide 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 in purchasing Bitcoin. According to the filing, the ETF will gain exposure to these bonds either directly or through financial derivatives such as swaps and options.

MicroStrategy’s Corporate Treasury Strategy

The idea behind the Strive Bitcoin Bond ETF is rooted in MicroStrategy’s corporate treasury strategy, which began in 2020. As part of this strategy, co-founder Michael Saylor has spent about $27 billion buying Bitcoin (BTC) with a goal of reducing its exposure to inflation and increasing returns on investment. Since then, MicroStrategy’s stock (MSTR) has gained over 2,200%, outperforming nearly every major public company except Nvidia.

Other Companies Follow Suit

MicroStrategy is not the only company that has followed this strategy. Corporate treasuries now hold approximately $56 billion worth of BTC, according to data from BitcoinTreasuries.NET.

Corporate Treasury Holdings

| Company | Total BTC Held |
| — | — |
| MicroStrategy | 129,699 |
| Tesla | 42,300 |
| Square | 8,027 |
| Meitu | 4,397 |

Vivek Ramaswamy and Strive

Strive was founded by Vivek Ramaswamy in 2022. The asset management firm aims to help investors "harness the power of capitalism," according to its website.

Ramaswamy has been an outspoken ally of President-elect Donald Trump. However, he campaigned against Trump in the Republican presidential primary in 2023 before endorsing him later that year. In November, Ramaswamy joined Tesla founder Elon Musk as a leader of the Department of Government Efficiency (DOGE), a private initiative intended to cut wasteful government spending.

Industry Analysts Expect More Crypto ETFs

The regulatory filing by Strive comes amidst a flurry of activity in the crypto industry. Since Trump’s presidential win, industry analysts expect more than half a dozen proposed crypto ETFs waiting on regulatory approval to list in the US.

Proposed Crypto ETFs

Trump’s Pro-Crypto Leadership Picks

In December, President-elect Trump announced his picks for key regulatory agencies. David Sacks, former PayPal chief operating officer, was named as the "AI and crypto czar." Paul Atkins, a former SEC commissioner, was picked as the chair of the Securities and Exchange Commission.

Trump’s Pro-Crypto Picks

Conclusion

The Strive Bitcoin Bond ETF offers a new type of investment that provides exposure to convertible bonds issued by corporate Bitcoin buyers. The idea behind this ETF is rooted in MicroStrategy’s corporate treasury strategy, which has been successful in the past. With Trump’s pro-crypto leadership picks and industry analysts expecting more crypto ETFs to list in the US, it will be interesting to see how Strive’s regulatory filing plays out.

Additional Resources

BitcoinTreasuries.NET: A website that tracks corporate treasury holdings of Bitcoin.
Strive: The asset management firm founded by Vivek Ramaswamy.
MicroStrategy: The company behind the corporate treasury strategy.

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