Strive Enterprises, the financial services firm co-founded by former U.S. presidential candidate Vivek Ramaswamy, has launched a wealth management unit aimed at increasing investment in Bitcoin.
Strive said a key part of the business would be a focus on integrating the volatile digital currency into the standard portfolios of “everyday Americans” as a hedge against the risks it expected over the next several decades.
These risks includes unsustainable global debt levels, rising fixed income yields, long-run inflationary pressures, persistent geopolitical pressures, and potential restrictive monetary controls.
CEO Matt Cole said Strive was building an institution founded on the fiduciary principle of maximising value over all other considerations.
“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,” Cole said in in a media release.
Strive made the announcement in Dallas, Texas following the recent close of a $30 million Series B financing round led by Cantor Fitzgerald.
Ramaswamy said nearly every major corporation “bent the knee to ESG" (environment, social and governance) issues when Strive was launched in 2022 but two years later the national environment had changed dramatically.
“The moment is now ripe to launch a pro-capitalism wealth management business focused on true financial freedom, with a focus on integrating Bitcoin into standard portfolios,” Ramaswamy said in the release.
Co-founded by Ramaswamy and his friend Anson Frerick with a mission to maximise value for clients through “unapologetic capitalism”, Strive has grown assets under management to US$1.7 billion (A$2.6 billion) since its launch.
The wealth management unit will be headed by industry veterans Gary Dorfman, who will be President, and Randol Curtis, who will be Chief Investment Officer.
Described as an “anti-woke” company, Strive said it was created to solve the problem that large financial institutions were using clients’ money to advance social, cultural, and political agendas in corporate America’s boardrooms.
Ramaswamy, who is Hindi, launched his campaign for the Republican presidential nomination in January 2023, trying to appeal to evangelical Christian right and Christian nationalist voters, before dropping out of the race in January 2024 and endorsing Donald Trump.