MW Vivek Ramaswamy's firm wants to buy biotech companies to bet on bitcoin

By Steve Gelsi

Strive Asset Management has raised $750 million to pursue the strategy while Ramaswamy runs to be Ohio's governor

Entrepreneur and politician Vivek Ramaswamy made much of his fortune founding biotechnology companies and trading their stocks, but now the former GOP presidential candidate and current contender for Ohio governor is planning to use that sector to fund a big bet on bitcoin.

Strive Asset Management, an exchange-traded fund manager co-founded in 2022 by Ramaswamy, said Tuesday it raised $750 million through private offerings as part of its merger with publicly traded Asset Entities Inc. (ASST) Strive announced a reverse merger with Asset Entities about three weeks ago.

According to an investor presentation, Strive plans to use the funds it raises to target struggling biotechnology companies, businesses that have faced "clinical, regulatory or commercial setbacks" and range in value from $5 million to $100 million each, but with cash values ranging from $10 million to $400 million on their balance sheets. Strive says that there are nearly 246 listed biotech companies trading at negative enterprise values.

Strive's plan is to merge with struggling biotech companies, essentially buying the cash at a discount and using it to buy bitcoin, according to the company's presentation. As part of such deals, Strive in many cases plans to offer existing shareholders of a biotech firm contingency value rights to the drug candidates in the development pipeline.

In addition to the biotech strategy, Strive will also seek to buy distressed bitcoin litigation claims. Ramaswamy and Strive did not respond to a request for comment.

The moves come as bitcoin (BTCUSD) has risen 17% in 2025 and is changing hands near its all-time high, while President Donald Trump has signaled his support of digital currencies, including holding a dinner recently for the top 220 holders of the "$TRUMP" digital token (TRUMPUSD).

Meanwhile, the world of biotech has offered much more meager returns.

The NYSE Arca Biotechnology Index BTK is down 3.5% this year and up only 6.4% in the past year, while the Nasdaq Biotech Index NBI has fallen 5.2% in 2025 and is down 7.6% in the past year.

Ramaswamy's credentials in biotech include co-founding Roivant Sciences Ltd. (ROIV) in 2014 and making biotech investments for hedge fund QVT Financial.

As Strive launches its new bitcoin strategy, the media company owned by Trump and his family is reportedly planning to issue more stock and debt. Trump Media & Technology Group Corp. $(DJT)$ plans to use the proceeds to invest some $3 billion in digital currencies. Last month, GameStop Corp. $(GME)$ said it plans to start adding bitcoin (BTCUSD) as a treasury-reserve asset.

Adding bitcoin to its balance sheet is also the primary business practice of Strategy Inc. (MSTR), formerly called MicroStrategy.

Victor Reklaitis contributed.

-Steve Gelsi

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May 27, 2025 12:02 ET (16:02 GMT)

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