2 weeks ago
Strive closed a $750 cardinal backstage concern successful nationalist equity (PIPE) round, with an enactment to summation the financing by different $750 cardinal if the warrants are exercised.
This superior volition money Strive’s archetypal question of bitcoin BTC buys arsenic the steadfast builds its bitcoin treasury. The Vivek Ramaswamy-founded steadfast volition deploy alpha-generating strategies aimed astatine outperforming bitcoin.
CEO Matt Cole emphasized that Strive’s attack demands a caller valuation framework. This strategy is driven by acquisitions of undervalued biotech firms, distressed bitcoin claims—including Mt. Gox claims via a concern with 117 Partners LLC—and discounted tranches of structured bitcoin credit.
Last week, the steadfast said it is eyeing $7.9 cardinal worthy of Mt. Gox bitcoin claims arsenic it looks to physique its bitcoin treasury and spell nationalist via a merger with Asset Entities (ASST).
Read more: Strive Eyes $7.9B Distressed Mt. Gox Bitcoin Claims to Accumulate Discounted BTC
The PIPE was priced astatine $1.35 per share, a 121% premium implicit ASST’s pre-announcement closing price, and carries nary indebtedness financing to sphere aboriginal leverage capacity.
Cole is acceptable to contiguous these strategies astatine the bitcoin for Corporations Symposium successful Las Vegas.
Cantor Fitzgerald & Co. served arsenic exclusive fiscal advisor and placement agent, with ineligible counsel provided by Davis Polk, DLA Piper, and Bevilacqua PLLC.
Read more: Strive Asset Management to Go Public, Launch Bitcoin Treasury Strategy With Merger
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