What to know:
- Strive just raised a whopping $750 million at $1.35/share! 💸 And if they play their cards right, they could hit $1.5B. That’s a 121% premium to ASST’s last closing price. Talk about a glow-up!
- Bitcoin Strategy: This cash will help them scoop up biotech firms, snag distressed bitcoin claims (yes, Mt. Gox, we’re looking at you), and grab some sweet, discounted structured bitcoin credit instruments. Because who doesn’t love a good bargain? 🛒
- Capital Structure: No debt here, folks! They’re keeping their borrowing capacity intact to make those equity returns sing. 🎤
So, Strive just closed a $750 million private investment in public equity (PIPE) round. And guess what? They can add another $750 million if those warrants are exercised. It’s like a buy-one-get-one-free deal, but for money! 💵
This cash will kickstart Strive’s bitcoin buying spree as they build their bitcoin treasury. Founded by Vivek Ramaswamy, this firm is all about those alpha-generating strategies that aim to outshine bitcoin. No pressure, right? 😅
CEO Matt Cole is all about shaking things up with a new valuation framework. Their strategy? Snagging undervalued biotech firms, distressed bitcoin claims (hello, Mt. Gox!), and discounted tranches of structured bitcoin credit. It’s like a treasure hunt, but with more spreadsheets! 🗺️
Last week, they announced they’re eyeing a staggering $7.9 billion worth of Mt. Gox bitcoin claims. They’re not just building a bitcoin treasury; they’re building a bitcoin empire! And they plan to go public via a merger with Asset Entities (ASST). Talk about ambition! 🌟
The PIPE was priced at $1.35 per share, which is a 121% premium over ASST’s pre-announcement closing price. And guess what? No debt financing means they can keep their future leverage capacity intact. Smart move, Strive! 🧠
Matt Cole is gearing up to present these strategies at the Bitcoin for Corporations Symposium in Las Vegas. Because nothing says “I’m a big deal” like presenting in Vegas! 🎰
Cantor Fitzgerald & Co. played the role of exclusive financial advisor and placement agent, while legal counsel was provided by Davis Polk, DLA Piper, and Bevilacqua PLLC. Because every big deal needs a solid legal team, right? ⚖️
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2025-05-27 16:31