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 BTCUSD 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.
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.