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Will the 'BTC Bond' ETF Come Out? Strive, a company owned by a Trump ally, filed an application
According to the document dated December 26, the asset management company Strive, founded by entrepreneur Vivek Ramaswamy, has submitted an application for the listing of the 'BTC Bond' ETF. This ETF will allow investors to invest in convertible bonds issued by MicroStrategy and other corporate BTC buyers.
Previously, Vivek Ramaswamy had been appointed by the then US President Donald Trump to co-lead the Department of Government Efficiency (DOGE) with the world's richest man, Musk.
According to the application document, the ETF seeks to provide a way for funds to invest in 'BTC bonds', which are described as 'convertible securities issued by MicroStrategy or other companies that plan to invest all or a significant portion of their income in purchasing BTC'.
Strive indicates that the 'Strive BTC Bond ETF' will be an actively managed ETF, and will directly or indirectly invest in 'BTC bonds' through financial derivatives such as exchange contracts and options.
Strive has not yet provided detailed information on the management fees to be charged to investors, but the fees for active management funds are usually higher than those for passive management ETFs.
Source: Bitcointreasuries.net
MicroStrategy has spent about $27 billion buying BTC since 2020 as part of a corporate financial strategy led by co-founder Michael Saylor.
MicroStrategy's stock MSTR has soared more than 2,200%, outperforming every large stock except AI chip leader Nvidia.
MicroStrategy raises funds through the issuance of new stocks and convertible bonds to buy BTC. The company's bonds pay low interest rates or no interest, but can be converted into MSTR stocks under certain conditions.
Other companies have also followed suit. According to the data from BitcoinTreasuries.net, the total BTC holdings of various enterprises now amount to about 56 billion USD.
Vivek Ramaswamy, who often speaks out in support of Trump, founded Strive in 2022. According to the company's official website, the purpose of this asset management company is to help investors "harness the power of capitalism". His net worth is approximately $1 billion, mainly from founding the biotech startup Roivant Sciences.
Industry analysts believe that Trump's victory in the US presidential election has given the green light to more than 6 proposed cryptocurrency ETFs, all of which are awaiting regulatory approval for listing in the United States.
In 2024, asset management companies submitted a series of regulatory applications, hoping to make competitive coin ETFs available, including Solana, Ripple (XRP), Litecoin, etc.
Since winning the US presidential election on November 5th, Trump has nominated individuals who support the cryptocurrency industry to lead major regulatory agencies.
In December, Trump announced that David Sacks, former COO of PayPal, would serve as the "AI and Crypto Czar," and appointed Paul Atkins as Chairman of the Securities and Exchange Commission (SEC).
The 'BTC Bond' ETF will be launched? Strive, a company owned by a Trump ally, has filed an application. This article was first published in 'Blockbeats'.