Strive Asset Management
Strive Asset Management is a United States investment manager known for non-ESG-oriented funds, shareholder-governance activism, direct indexing, and later digital-asset initiatives.
Last updated October 14, 2026
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Overview
Strive Asset Management is an American investment management firm established in 2022 by Vivek Ramaswamy and Anson Frericks. Based in Columbus, Ohio, it operates as a subsidiary of Strive Enterprises, Inc. and is registered with the U.S. Securities and Exchange Commission as an investment adviser. Its activities encompass exchange-traded products, mutual funds, wealth-management services, direct indexing, fund distribution, proxy voting, and corporate-governance engagement. The firm entered the market with a deliberately differentiated proposition. Its first major product, the DRLL exchange-traded fund, was presented as an energy-sector fund that did not incorporate environmental, social, and governance criteria into its investment approach. Strive positioned the product and its broader platform as an alternative to asset managers that use ESG considerations, climate policies, or social-policy objectives in investment and shareholder-voting decisions. This positioning placed the firm within the wider American debate over corporate political influence, shareholder activism, and the role of asset managers in public-company governance. Strive's business model combines investment products with an activist ownership philosophy. Through its funds and proxy-voting platform, the firm seeks to give investors a mechanism for participating in corporate governance. It has submitted shareholder proposals and sent correspondence to public companies concerning issues such as diversity policies and governance practices. In 2023, it acquired a stake in McDonald's and called for changes to the company's diversity policies, illustrating how the firm's investment strategy extends beyond portfolio construction into public corporate engagement. The company raised approximately $20 million from outside investors during its early development, with the cited source identifying Peter Thiel, JD Vance, and Bill Ackman among the backers. By November 2022, Strive reported more than $500 million in assets under management. Ramaswamy served as executive chairman during the firm's early period but resigned in February 2023 to concentrate on his presidential campaign. By 2024, Strive had expanded into direct indexing through partnerships with Fidelity and Charles Schwab. These services were designed to provide customized portfolios, tax-loss harvesting, and shareholder-voting tools. In 2025, the firm described further organizational changes, including the separation of its registered investment adviser arm and the consolidation of advisory services around model portfolios and a collective investment trust. The 2025 source material also describes a significant move toward digital assets and public-market Bitcoin strategies. Strive announced plans for a Bitcoin Bond ETF focused on bonds issued by companies accumulating Bitcoin. It also merged with Asset Entities to create a publicly traded company under the Strive brand, with the transaction incorporating Bitcoin holdings into the combined entity's treasury and involving a reported $750 million private investment in public equity. In September 2025, Strive announced an all-stock acquisition of Semler Scientific, described as having a value of approximately $1.3 billion, and reported that the combined Bitcoin treasury would exceed 10,900 BTC. These developments represent a substantial expansion from the firm's original identity as a non-ESG asset manager into a broader investment and digital-asset platform. Strive's public profile has been shaped both by its ideological positioning and by operational changes. Morningstar assigned the firm a Below Average Parent Pillar rating in 2025, citing management turnover and strategic transitions while also noting relatively low fees across its ETF and mutual-fund products. Because the firm has undergone rapid product, governance, and corporate-structure changes, its long-term identity spans traditional asset management, shareholder activism, customized portfolio services, and Bitcoin-related corporate finance.
History
Strive Asset Management was founded in early 2022 by Vivek Ramaswamy and Anson Frericks in Columbus, Ohio. The firm was created as an investment-management business with an explicit philosophical contrast to large asset managers that integrate environmental, social, and governance considerations into portfolio construction, proxy voting, or corporate engagement. It raised approximately $20 million from outside investors, with the cited account naming Peter Thiel, JD Vance, and Bill Ackman among the backers. Its first prominent product was DRLL, an energy-sector exchange-traded fund launched in 2022. The fund emphasized conventional sector investing without ESG criteria and became the clearest expression of Strive's initial brand identity. Rather than treating asset management as solely a portfolio-allocation business, Strive also developed a shareholder-engagement and proxy-voting platform intended to let investors participate in corporate governance. The firm communicated with public companies and submitted shareholder proposals concerning governance and diversity policies. Strive reported more than $500 million in assets under management by November 2022. Ramaswamy initially served as executive chairman, but he resigned in February 2023 to concentrate on his presidential campaign. The firm continued to develop funds, mutual funds, and advisory services while maintaining its public profile as an anti-ESG investment manager. In 2023, its purchase of a stake in McDonald's and subsequent request for changes to the company's diversity policies demonstrated the practical application of its shareholder-activism model. In 2024, Strive broadened its offering through direct indexing services connected with Fidelity and Charles Schwab. Direct indexing enabled customized portfolio construction, tax-loss harvesting, and the use of shareholder-voting tools at the individual-security level. This expansion moved the firm beyond a small group of thematic ETFs and toward customized wealth-management infrastructure. The firm underwent additional structural changes in 2025. Its registered investment adviser arm was spun off into an independent business, while advisory services were consolidated around model portfolios and a collective investment trust. These changes coincided with a strategic shift toward digital assets. Strive announced a Bitcoin Bond ETF focused on bonds issued by companies accumulating Bitcoin and identified a board that included participants from Bitcoin finance, public policy, and corporate law. The 2025 corporate transactions further changed the scope of the Strive brand. Strive merged with Asset Entities to create a publicly traded company under the Strive name, with the combined entity retaining Bitcoin holdings in its treasury. The transaction was described as receiving a $750 million private investment in public equity, with possible additional financing through warrants. In September 2025, Strive announced an all-stock acquisition of Semler Scientific, described as worth approximately $1.3 billion, and stated that the combined Bitcoin treasury would exceed 10,900 BTC. The company also explored buying claims connected with approximately 75,000 BTC associated with Mt. Gox. By this stage, Strive had evolved from a newly formed non-ESG fund sponsor into a multi-part investment platform combining ETFs, mutual funds, proxy voting, direct indexing, wealth-management services, and Bitcoin-related corporate finance. Its reception remained mixed: Morningstar's 2025 assessment cited management turnover and repeated strategic transitions, although it also recognized relatively low fees on the firm's ETF and mutual-fund products.
- 2025
Advisory-business reorganization
[1]The registered investment adviser arm was separated and advisory services were consolidated around model portfolios and a collective investment trust.
- 2025
Digital-asset strategy announced
[1]Strive announced plans for a Bitcoin Bond ETF and expanded its stated focus toward digital-asset finance.
- 2025
Combination with Asset Entities
[1]Strive merged with Asset Entities to form a publicly traded company under the Strive brand.
- 2025
Semler Scientific acquisition announced
[1]Strive announced an all-stock acquisition of Semler Scientific and described an enlarged Bitcoin treasury.
- 2024
Direct-indexing expansion
[1]Strive launched direct-indexing services through arrangements involving Fidelity and Charles Schwab.
- 2023
Ramaswamy leaves executive-chairman role
[1]Ramaswamy resigned in February to focus on his presidential campaign.
- 2023
McDonald's shareholder campaign
[1]Strive acquired a stake in McDonald's and sought changes to the company's diversity policies.
- 2022
Strive Asset Management is founded
[1]Vivek Ramaswamy and Anson Frericks co-founded the investment manager in Columbus, Ohio.
- 2022
DRLL ETF launches
[1]Strive launched its flagship energy-sector ETF, designed to operate without ESG-based investment criteria.
- 2022
Assets under management surpass $500 million
[1]The firm reported more than $500 million in assets under management by November.
Products and positioning
An alternative asset manager focused on investment products and shareholder engagement that reject or minimize ESG-based investment criteria, later extended into direct indexing and Bitcoin-oriented strategies.
Exchange-traded fund · 2022
DRLL
DRLL is Strive's flagship energy-sector exchange-traded fund. It was introduced as an alternative to energy investment products that incorporate environmental, social, or governance objectives. The fund's launch established Strive's initial market identity and connected its product offering to its broader argument that asset managers should focus on financial and sector exposure rather than social or political priorities.
Mutual funds
Strive mutual funds
Strive operates mutual-fund products alongside its exchange-traded offerings. These funds form part of the firm's broader non-ESG-oriented investment platform and are distributed as conventional pooled investment vehicles. The cited material does not identify every fund or provide complete product-level details, but it indicates that mutual funds became an important component of the firm's asset-management and fee structure.
Wealth management and portfolio customization · 2024
Direct indexing services
Strive's direct-indexing services provide customized portfolio construction rather than exposure only through a commingled fund. The offering was developed through partnerships involving Fidelity and Charles Schwab and includes tax-loss harvesting and shareholder-voting tools. It extends Strive's governance philosophy to separately customized portfolios, allowing investors to combine individualized holdings with proxy participation.
Corporate-governance service
Proxy-voting and shareholder-engagement platform
Strive operates a platform intended to facilitate shareholder participation in corporate governance. Its activities include proxy voting, correspondence with public companies, and shareholder proposals. The service is central to the firm's differentiation because it treats voting and corporate engagement as an investable-policy issue rather than an administrative function delegated entirely to a large asset manager.
Digital-asset exchange-traded product · 2025
Bitcoin Bond ETF
The Bitcoin Bond ETF was announced as a planned product focused on bonds issued by companies that acquire Bitcoin. The announcement marked Strive's move into digital-asset-linked investment products and complemented its later Bitcoin-treasury corporate strategy. The cited material describes the plan but does not establish that the ETF had begun trading.
Marketing campaigns
- 2023McDonald's diversity-policy engagement
United States
After acquiring a stake in McDonald's, Strive pressed the company to change aspects of its diversity policies. The campaign expressed Strive's broader view that shareholders should challenge corporate policies perceived as extending beyond core financial responsibilities.
Brand decisions
2025
Reorganization of advisory operationsStrategyBackground
Strive adjusted its operating structure as it developed model-based and collective-investment products.
Action taken
The registered investment adviser arm was spun off into an independent firm, while advisory services were consolidated around model portfolios and a collective investment trust.
Aftermath
The reorganization contributed to the strategic-transition and management-turnover concerns later noted by Morningstar.
2025
Bitcoin Bond ETF initiativeProduct launchBackground
Strive sought to enter digital-asset finance through securities connected with companies that accumulate Bitcoin.
Action taken
The firm announced plans for a Bitcoin Bond ETF.
Aftermath
The initiative marked a move beyond the firm's original anti-ESG fund identity toward Bitcoin-linked investment products.
2025
Combination with Asset EntitiesM&ABackground
Strive pursued a public-market structure and a larger Bitcoin-treasury strategy.
Action taken
It merged with Asset Entities to create a publicly traded company under the Strive brand.
Aftermath
The combined entity incorporated Bitcoin holdings into its treasury and received a reported $750 million private investment in public equity, with potential additional warrant financing.
Private investment in public equity. $750 million reported investment (2025)
2025
Acquisition of Semler ScientificM&ABackground
Strive continued building a Bitcoin-oriented corporate treasury through acquisitions.
Action taken
The firm announced an all-stock acquisition of Semler Scientific.
Aftermath
The transaction was described as increasing the combined Bitcoin treasury to more than 10,900 BTC.
Reported transaction value. $1.3 billion (September 2025)
2024
Expansion into direct indexingStrategyBackground
The firm sought to extend customized portfolio management and shareholder-voting capabilities beyond pooled funds.
Action taken
Strive launched direct-indexing services through arrangements involving Fidelity and Charles Schwab.
Aftermath
The offering broadened Strive's addressable market to customized wealth management and tax-aware portfolio construction.
2023
Expansion of shareholder activismStrategyBackground
Strive sought to apply its investment philosophy to public-company governance rather than limiting the business to passive fund management.
Action taken
The firm acquired a stake in McDonald's and requested changes to the company's diversity policies.
Aftermath
The engagement reinforced Strive's identity as an activist, anti-ESG asset manager.
2022
Launch of the DRLL energy ETFProduct launchBackground
Strive entered the asset-management market with a product intended to provide energy-sector exposure without applying ESG investment criteria.
Action taken
The firm launched DRLL as its flagship exchange-traded fund.
Aftermath
The product established Strive's anti-ESG market positioning and became the foundation for later fund and governance offerings.
Recent events
- 2025
Strive reorganizes advisory operations[1]
Leadership change
Strive separated its registered investment adviser arm into an independent firm and consolidated advisory services around model portfolios and a collective investment trust.
- 2025
Strive announces Bitcoin Bond ETF plans[1]
Product launch
The firm announced plans for an ETF focused on bonds issued by companies that acquire Bitcoin and named a board involving figures from Bitcoin finance, corporate law, and public policy.
- 2025
Strive combines with Asset Entities[1]
M&A
Strive merged with Asset Entities to form a publicly traded company under the Strive brand. The transaction included Bitcoin holdings in the combined company's treasury and was supported by a reported private investment in public equity.
- 2025
Strive announces acquisition of Semler Scientific[1]
M&A
In September 2025, Strive announced an all-stock acquisition of Semler Scientific and described the transaction as increasing the combined Bitcoin treasury to more than 10,900 BTC.
- 2025
Morningstar gives Strive a Below Average Parent Pillar rating[1]
Other
Morningstar cited management turnover and strategic transitions in assigning the firm a Below Average Parent Pillar rating, while also noting low fees on its ETF and mutual-fund products.
- 2024
Strive expands into direct indexing[1]
Product launch
The firm introduced direct-indexing services through partnerships involving Fidelity and Charles Schwab, with customized portfolios, tax-loss harvesting, and proxy-voting functionality.
- 2023
Vivek Ramaswamy resigns as executive chairman[1]
Leadership change
Ramaswamy left his executive-chairman role in February 2023 to focus on his presidential campaign.
- 2023
Strive engages McDonald's over diversity policies[1]
Campaign · Other
After acquiring a stake in McDonald's, Strive sought changes to the company's diversity policies as part of its shareholder-governance campaign.
- 2022
Strive launches DRLL energy-sector ETF[1]
Product launch · Other
Strive introduced its flagship exchange-traded fund as an energy-sector product designed to invest without incorporating ESG criteria.
- 2022
Strive reports more than $500 million in assets under management[1]
Other
By November 2022, the firm reported that assets under management had exceeded $500 million.
Sources1 sources
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