Strive Asset Management: Bitcoin-Focused ETFs

Short answer: Strive Asset Management is a US fund provider from Dallas, launched in 2022 by Vivek Ramaswamy and co-founders. Most Strive ETFs are conventional stock and bond funds. Only one fund is bitcoin-related: the T-Strive Digital Credit Preferred Income ETF (DCAP), which buys preferred stock of bitcoin treasury companies such as STRC and SATA. Strive has no spot bitcoin ETF (as of November 2026).

Many people know Strive today as a bitcoin company with more than 43’000 BTC. The name, though, comes from the asset manager this company grew out of. Here you'll see which funds Strive actually manages, which of them have anything to do with bitcoin, how the fund business fits Strive's bitcoin strategy and what you can buy as an investor in Germany, Austria or Switzerland.

What is Strive Asset Management?

Strive Asset Management, LLC is an investment adviser registered with the US Securities and Exchange Commission (SEC), based in Dallas, Texas. Strive was founded in 2022, among others by Vivek Ramaswamy. Ramaswamy left in 2023 to run for US president. The CEO of today's Strive, Inc. is Matt Cole.

Strive became known for a clear position against ESG investing. Strive accused large fund houses such as BlackRock of using their voting rights to push companies towards environmental and social goals. Strive wanted the opposite: a company should maximise long-term value for its shareholders, nothing else. On its fund website Strive calls this "shareholder primacy".

This stance also shaped its voting and engagement work. In early 2025, for example, Strive wrote to GameStop and suggested converting part of its cash into bitcoin.

From fund provider to bitcoin company

In 2025 the picture changed. Strive merged with the Nasdaq company Asset Entities; the merger closed on Sep 12, 2025. Since then the parent company Strive, Inc. has been listed (ticker ASST) and buys bitcoin for its own balance sheet. On Nov 6, 2026 it held 43’153 BTC.

The fund firm Strive Asset Management is now a subsidiary of this listed Strive, Inc. How the parent finances its bitcoin, how much bitcoin is in one share net and how strong the leverage is, is explained in the profile Strive stock (ASST). This article is about the funds.

Strive's ETFs at a glance

Strive manages about a dozen ETFs, all traded on US exchanges. Most track an index, some are actively managed. Bitcoin plays almost no part in any of them.

As of November 2026 according to strivefunds.com. The Strive 500 ETF traded as STRV until Jun 8, 2026. The fund lineup can change; check the product page.

Legally, Strive is only the sub-adviser for most of its funds. The fund itself belongs to another provider's fund trust, which is formally the investment adviser. Strive selects the investments. For you as an investor this changes little, but it explains why the documents show several company names.

Remember: "Strive" is a name for two things. Strive Asset Management manages funds for clients. Strive, Inc. (ASST) is the listed parent that holds bitcoin on its own balance sheet.

The bitcoin fund: DCAP

The T-Strive Digital Credit Preferred Income ETF (DCAP) is the fund that links Strive's fund business with bitcoin. It aims for current income and intends to pay out weekly. To do so it invests at least 80% of its assets in preferred stock of bitcoin treasury companies. The fund team calls these securities digital credit; how they work is explained in the guide Digital credit explained.

What DCAP buys

At launch the fund is meant to hold only two securities, roughly half each:

• STRC from Strategy, the variable-rate preferred with a 12% dividend (November 2026).
• SATA from Strive itself, the variable-rate preferred with a 13% dividend, 13.25% from December 2026.

If further bitcoin preferreds come to market, the fund may buy those too. It doesn't buy bitcoin itself.

Who manages DCAP

The investment adviser is Tuttle Capital Management, hence the "T" in the name. Strive Asset Management is the sub-adviser, responsible for risk management and research on bitcoin treasury companies. The fund is part of the ETF Opportunities Trust and was registered for trading on Cboe BZX on Sep 21, 2026.

As of November 2026 the product page shows no prices, no fund assets and no expense ratio yet. Whether and since when DCAP trades and what it costs, check on the product page and in the prospectus.

What DCAP does differently from buying directly

DCAP is not a simple basket of two preferreds. According to the fund description it may:

1. Use leverage. It can borrow, use repurchase agreements and total return swaps. When STRC and SATA trade close to $100, it intends to hold little or no leverage. When they fall, it intends to buy more and raise the leverage.
2. Sell put options. It collects a premium and commits to buying STRC or SATA at a fixed price if the price falls below it.
3. Reallocate. The team may overweight or underweight STRC or SATA.

That can raise the income. But it also means: if STRC and SATA fall at the same time, the fund with leverage loses more than the two securities themselves. And because only two companies are in the fund, it is, by its own account, non-diversified.

The bitcoin bond ETF that never existed

Strive had planned a bitcoin fund before. At the end of 2024 the fund trust EA Series Trust registered the "Strive Bitcoin Bond ETF" with the SEC. It was meant to invest in bonds of companies that buy bitcoin, such as Strategy's convertible bonds.

In June 2025 the trust withdrew the application. According to the withdrawal letter no shares were sold; the fund never launched. So if you read about a "Strive Bitcoin Bond ETF" somewhere: that is a plan from 2024, not a product.

How the fund business fits the bitcoin strategy

In its quarterly report Strive, Inc. describes itself as a "structured finance company and institutional asset manager". The report lists three business segments: asset management, medical devices (from the acquisition of Semler Scientific) and bitcoin.

Economically, bitcoin clearly dominates. The fund business brings in fees, but hardly any profit:

Source: Strive 10-Q for Sep 30, 2026 (segment report); dividends from the capital structure in Strive stock (ASST).

So Strive doesn't pay the dividends on SATA and SATS from its fund business. They come from cash and new capital, for example from selling more preferred stock. What that means for the safety of the dividend is covered in the article Strive SATA and SATS.

More important than the fees is the fund business's role as a tool. With SATA and SATS, Strive created two securities that pay a dividend every business day. DCAP makes exactly such securities accessible to investors who would rather buy an ETF than individual preferreds. A successful DCAP can thus support demand for SATA. Whether that works is open as of November 2026.

Can you buy Strive ETFs in Germany, Austria or Switzerland?

Usually not. All Strive ETFs are US funds. The EU regulation on key information documents (PRIIPs) requires a standardised document, the key information document (KID), for funds sold to retail investors. US providers generally don't produce one for their US funds. Without a KID, your broker won't sell you the fund as a retail client. This affects almost all US ETFs, not just Strive's.

There are exceptions: as a professional client under MiFID II the KID requirement doesn't apply, and in Switzerland it depends on the broker. The details are in the article Bitcoin spot ETFs.

Shares are different. The KID requirement doesn't apply to individual shares. The common stock ASST and the preferreds SATA and SATS trade on Nasdaq and are available through many brokers with US access. Not every broker carries US preferred stock, though; ask before you buy.

If you want to hold bitcoin itself through the stock exchange, a European bitcoin ETP is the usual route; see Bitcoin ETP or real bitcoin.

Worked example: building the DCAP idea yourself

If you can't buy DCAP, you can rebuild its core: STRC and SATA half each. No leverage, no options and no fund costs.

How much income your own amount produces and what a different rate or price changes, you can work out here:

The do-it-yourself version has a downside: you have to rebalance yourself and you receive small daily dividends that your broker and your tax return have to handle. And you carry the same risks as the fund, just without leverage. What can go wrong with such securities is shown in The risks of bitcoin preferred stock.

Who are Strive's funds interesting for?

• For bitcoin holders who want bitcoin itself, Strive's ETFs offer nothing. None of them holds bitcoin.
• For income seekers with US access, DCAP is a way to hold STRC and SATA in one security, with leverage and options on top. That is riskier than the two securities on their own.
• For DACH retail investors, the options are usually buying ASST, SATA, SATS or STRC directly, or a European bitcoin ETP.

Bottom line: Strive Asset Management today is mainly where Strive, Inc. came from and a small source of fees. The actual bitcoin business runs through the parent's balance sheet and its preferred stock.