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According to the documents submitted on December 26, the asset management company Strive, founded by Vivek Ramaswamy (the same guy who was the main character in the usual blunder incident last time), has applied to U.S. regulators to list an ETF that will invest in Bitcoin convertible bonds issued by MicroStrategy and other companies.

These bonds are known as 'Bitcoin Bonds' and are convertible securities issued by MicroStrategy or other companies that plan to use the proceeds primarily to purchase Bitcoin. The Strive Bitcoin Bond ETF will adopt an active management approach, accessing these 'Bitcoin Bonds' directly or through financial derivatives like swaps and options. Although Strive has not specified the management fees that investors will need to pay, active management funds typically have higher fees than passive index funds.

Vivek Ramaswamy is a outspoken supporter of former U.S. President Donald Trump, and he founded Strive Asset Management in 2022. In November of this year, Trump announced that Ramaswamy would lead the Department of Government Efficiency (referred to as DOGE) alongside Tesla founder Elon Musk, which is a private initiative aimed at reducing wasteful government spending.