Strive Enterprises, an asset management firm co-founded by former United States presidential candidate Vivek Ramaswamy, announced a new wealth management unit on Nov. 1 that integrates Bitcoin into client portfolios.
“A key part of this business will include a focus on integrating Bitcoin into standard portfolios of everyday Americans as a hedge against risks Strive expects to persist over the next several decades,” Ramaswamy’s firm said in a Nov. 1 statement.
The firm cited unsustainable global debt levels, rising fixed-income yields, long-run inflationary pressures, geopolitical pressures, and potential restrictive monetary controls as examples.
It’s one of the latest examples of asset managers resorting to Bitcoin BTC
$68,897 to hedge against such risks.
Strive’s CEO Matt Cole explained: “Our focus on offering clients true financial freedom — through the thoughtful integration of Bitcoin — differentiates our Wealth Management business from nearly all major competitors today.”
“It’s striking that most wealth managers aren’t even thinking about integrating Bitcoin into client portfolios,” Ramaswamy added in a Nov. 1 X post.
Strive’s new wealth management unit will be led by ex-Bernstein executive Gary Dorfman as president and ex-Morgan Stanley executive director Randol Curtis as chief investment officer.
The firm’s expansion is also paired with a relocation of Strive’s corporate base to Dallas, Texas.
The company expects most of its Columbus-based staff to relocate to Dallas by the end of March 2025.
Strive’s announcement follows its recent close of a $30 million Series B financing round led by Cantor Fitzgerald, which banks stablecoin issuer Tether. Its CEO, Howard Lutnick, is also a strong Bitcoin advocate.
Strive has amassed $1.7 billion worth of assets under management since launching its first fund in August 2022.
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Ramaswamy ran as a Republican candidate until January when he dropped out and threw support behind former president Donald Trump.
He was briefly touted as a potential running mate for Trump before Ohio Senator JD Vance was chosen as the Republican vice-presidential nominee in July.
Strive’s Bitcoin announcement comes days ahead of the US presidential election scheduled for Nov. 5.
