Trump-Linked Asset Manager Strive Jumps Into Bitcoin Investment

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CCN2024/10/31 16:00

By:CCN

Key Takeaways

Strive Asset Management launched a new investing product based on Bitcoin.
Prominent Trump supporters back the firm.
The asset manager boasts a strong roster of high-profile investors and advisors, including JD Vance, Peter Thiel, Bill Ackman, and Howard Lutnick.

Strive Asset Management, a $1.7 billion firm with deep ties to the Trump administration and known for its anti-ESG stance, is now venturing into cryptocurrency .

The company’s decision to integrate Bitcoin into its portfolios reflects conservative investors’ growing interest in digital assets, aligning with the broader trend of Trump supporters embracing cryptocurrency, particularly Bitcoin.

Strive Integrates Bitcoin in Its Portfolio

Strive Asset Management’s investors include former Vice Presidential candidate JD Vance and other key members of Donald Trump’s inner circle . The firm is now boldly moving into cryptocurrency.

In a strategic shift, Strive announced hiring new wealth managers and relocating its headquarters from Columbus, Ohio, to Dallas, Texas. This move aims to better serve family offices and high-net-worth individuals in the conservative-leaning state.

Strive’s current offerings primarily focus on traditional investments like stocks and bonds. However, the firm is now poised to integrate Bitcoin into its standard portfolios.

This decision aligns with Trump supporters’ growing interest in cryptocurrency, particularly as Bitcoin’s price has recently reached record highs.

Anti-ESG Policy

Launched in 2022 by Vivek Ramaswamy, a prominent figure in the anti-ESG movement, Strive Asset Management quickly positioned itself as a haven for investors seeking to counter the growing influence of ESG factors in corporate decision-making.

Ramaswamy, who ran for president and later endorsed Donald Trump, has been a vocal critic of what he terms “Woke Inc.”

Strive’s inaugural product, the DRLL energy ETF, embodies its “post-ESG” mandate by investing in U.S. fossil fuel companies. However, the fund’s performance has lagged behind its benchmark over the past year, raising questions about the strategy’s efficacy.

Strive’s CEO, Matt Cole, emphasized that the firm focuses on “unapologetic capitalism” and maximizing shareholder value rather than adhering to ESG principles.

While the company’s anti-ESG stance has garnered attention, its long-term success will ultimately depend on its ability to deliver strong investment returns.

Recently, Texas has emerged as a popular destination for individuals associated with the Trump administration, including Elon Musk .

Additionally, a new stock exchange that rejects Environmental, Social, and Governance policies will launch in Dallas later this year.

Link to Donald Trump

Strive has several links to Donald Trump and his campaign. Strive’s co-founder, Vivek Ramaswamy, holds an advisory position with the company and remains its majority shareholder.

Ohio-based venture investment firm Narya Capital, led by Vance, was an early investor in Strive.

Furthermore, Trump supporters Peter Thiel and Bill Ackman also participated in Strive’s seed fundraising in 2022.

Asset management firm Cantor Fitzgerald has been a significant investor in Strive and sits on the company’s board. Cantor Fitzgerald’s CEO, Howard Lutnick, serves as co-chair of Trump’s transition team .

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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