KEY POINTS
- Vivek Ramaswamy topped X trends Thursday night after news spread about Strive Financial ETF filing
- MicroStrategy was the first known corporate holder of Bitcoin and now holds hundreds of thousands of $BTC
- Hopes are high that Strive’s move will fuel more progress around a U.S. national strategic $BTC reserve
Vivek Ramaswamy’s cryptocurrency asset manager Strive Financial has filed to create new exchange-traded funds (ETFs) that invest in firms with a significant Bitcoin treasury, fueling excitement in the crypto space.
“Vivek” was trending Thursday night on X as crypto users discussed how Strive’s filing could affect the crypto market at a time when asset prices are significantly down.
Strive $BTC Bond ETF
In a prospectus filed with the U.S. Securities and Exchange Commission (SEC) Thursday, Strive said its Bitcoin Bond ETF “is an actively managed ETF that invests its assets directly and indirectly through derivative instruments, including swaps and options, to get exposure to convertible securities issued by MicroStrategy” or other companies that Strive expects “will invest all or a significant portion of the proceeds to purchase Bitcoin.”
The prospectus noted how MicroStrategy, which is the world’s first known corporate holder of BTC, also adopted the world’s first decentralized cryptocurrency as a primary treasury reserve asset.
Strive acknowledged that MicroStrategy’s convertible securities that the ETF will invest in will be affected, in part, by the MicroStrategy stock’s performance.
Hopes Up After Strive News
News about Strive’s filing fueled much optimism across the crypto space, especially among Bitcoiners who may have suffered losses after the world’s largest digital currency plunged just days after reached a new all-time high above $108,000.
“Trump’s team is now stacked with Bitcoiners. Fingers crossed we get SBR on Day 1,” said Bitcoin Dad, a well-followed figure in the industry.
Since winning the 2024 U.S. elections, President-elect Donald Trump has tapped people who have had exposure to crypto or are directly involved in the sector to be part of his cabinet. Among them is Ramaswamy, who will lead the Department of Government Efficiency (D.O.G.E) alongside tech titan Elon Musk.
Bitcoin Dad’s “SBR” comment refers to a strategic Bitcoin reserve, which Trump has said is possible although no official announcement from the transition team came yet. Republican Sen. Cynthia Lummis of Wyoming has repeatedly said she will push for a strategic BTC reserve.
Ramaswamy’s Crypto Links
Even before Strive filed for an ETF linked to Bitcoin-acquiring companies, Ramaswamy has already established his name in the crypto space.
When he was still in the running for presidency, Ramaswamy had the support of many in the crypto community. Even as the broader American public started steering away from the ambitious entrepreneur, crypto holders were excited for the breather he brought into the race.
During his campaign, he promised to loosen regulations on digital assets – a pledge that really got on the good side of crypto holders.
Ramaswamy is also known for his connections with some of the industry’s most prominent leaders, including the Winklevoss twins of the Gemini exchange and the CEO of Coinbase, Brian Armstrong.
