Strive Seeks Approval for #etf Securities from #Bitcoin❗

AI Brief

According to PANews, Strive Asset Management, founded by Vivek Ramaswamy, has filed for approval from US regulators to list an exchange-traded fund (ETF) focused on Bitcoin convertible bonds. These securities, called “Bitcoin bonds,” are convertible securities issued by companies like MicroStrategy that plan to use the proceeds primarily to buy Bitcoin. The Strive Bitcoin Bond ETF will be actively managed, gaining exposure to these securities either directly or through financial derivatives like swaps and options. While management fees for investors have not been disclosed, actively managed funds typically incur higher fees than passive index funds. Vivek Ramaswamy, a vocal supporter of former US President Donald Trump, established Strive Asset Management in 2022. In November, Trump announced that Ramaswamy, alongside Tesla founder Elon Musk, would lead the Department of Government Efficiency (DOGE), a private initiative aimed at reducing excessive government spending.

In early November, Strive launched a wealth management division, incorporating Bitcoin into its standard investment portfolio.