Strive Enterprises, an asset manager co-founded by Vivek Ramaswamy, a former Presidential candidate and current Trump surrogate, has announced the establishment of its wealth management business.
Strive Enterprises, an asset manager co-founded by the former Republican candidate for President and Trump surrogate, Vivek Ramaswamy, and businessman Anson Frericks, launched its new wealth management business on Friday.
According to a press release, the wealth management arm’s primary objective is to “…integrate Bitcoin into the standard portfolios of everyday Americans as a protective measure against…” unsustainable global debt levels, rising fixed income yields, long-term inflationary pressures, persistent geopolitical pressures, and potential restrictive monetary controls.
The launch of Strive follows the completion of a $30 million Series B investment round headed by Cantor Fitzgerald, which operates as a bank for Tether and whose CEO, Howard Lutnick, is a vocal proponent of Bitcoin. Additionally, Lutnick will serve as a co-chair of Donald Trump’s transition team in the event that the latter is reelected to the presidency following the upcoming election on Tuesday.
“Through the deliberate integration of Bitcoin, our Wealth Management business distinguishes itself from virtually all significant competitors,” stated Strive CEO Matt Cole. Additionally, subsequent to the launch, the organization will relocate from Columbus, Ohio, to Dallas, Texas.
BlackRock’s fund has lately experienced record-breaking inflows, which may justify the launch, given the success of U.S.-based spot Bitcoin ETFs. Bloomberg Senior ETF Analyst Eric Balchunas recently observed that the purchase of spot bitcoin ETFs “began mostly retail” but has since become increasingly institutional. He anticipates that institutional shares of spot ETFs will reach 40% within the next year.
Strive continues to oversee $1.7 billion in assets in addition to its wealth management division. The company that is “anti-ESG” enables Americans to invest with a “single focus on shareholder value maximization,” according to the company.
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