According to documents from December 26, the asset management company Strive, founded by entrepreneur Vivek Ramaswamy, has submitted a listing application for the 'Bitcoin Bond' ETF, allowing investors to invest in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.
Previously, Vivek Ramaswamy was appointed by President Trump and co-led the 'Department of Government Efficiency' (DOGE) with the world's richest man, Elon Musk.
According to the application documents, this ETF seeks to provide exposure to 'Bitcoin bonds,' which are described as 'convertible securities issued by companies, like MicroStrategy or others, that plan to invest all or a significant portion of their earnings into purchasing Bitcoin.'
Strive states that the 'Strive Bitcoin Bond ETF' will be an actively managed ETF, investing in 'Bitcoin bonds' directly or through swap contracts and options.
Strive has not yet detailed the management fees to be charged to investors, but actively managed funds typically have higher fees than passive management ETFs.
Source: Bitcointreasuries.net
MicroStrategy has spent approximately $27 billion on Bitcoin since 2020, as part of a corporate financial strategy led by co-founder Michael Saylor.
MicroStrategy's stock MSTR has surged over 2,200% to date, outperforming every large-cap stock except for AI chip leader Nvidia.
MicroStrategy raises funds to buy Bitcoin through the issuance of new shares and convertible bonds. The company's bonds pay low interest rates or offer no interest, but can be converted into MSTR shares under certain conditions.
Other companies are also following this practice. According to data from BitcoinTreasuries.net, companies currently hold a total of approximately $56 billion in Bitcoin.
Vivek Ramaswamy, who often openly supports Trump, founded Strive in 2022. According to the company's official website, the purpose of this asset management firm is to help investors "make good use of the power of capitalism." His personal net worth is approximately $1 billion, primarily from founding the biotech startup Roivant Sciences.
Industry analysts believe that Trump's victory in the U.S. presidential election has given the green light to cryptocurrency ETFs among more than six proposals, all of which are awaiting regulatory approval to be listed in the U.S.
In 2024, asset management firms submitted a series of regulatory applications hoping to list competing coin ETFs, including Solana, Ripple (XRP), Litecoin, and others.
Since Trump won the U.S. presidential election on November 5, he has nominated individuals who support the cryptocurrency industry to lead major regulatory agencies.
In December, Trump announced the appointment of former PayPal COO David Sacks as the 'AI and Crypto Czar,' and appointed Paul Atkins as the chairman of the SEC.
"Will the 'Bitcoin Bond' ETF debut? Trump ally Strive submits application" This article was first published on (Blockke).
