Ramaswamy's Crypto Company Loses Half Billion, Pushing Pension Exposure Debate
Vivek Ramaswamy has been a strong advocate for Ohio's public pension systems to invest in cryptocurrency-linked products, but his own Bitcoin-focused company, Strive Inc., reported a $523.5 million net loss during the first six months of this year.
The losses highlight the volatility associated with investments in cryptocurrencies like Bitcoin, which Ramaswamy has continued to accumulate despite the decline in value. In an SEC filing, Strive disclosed purchasing 1,800 more Bitcoins between August 24 and 28 at an average price of approximately $79,431.
Ramaswamy's support for House Bill 18, also known as the Ohio Strategic Cryptocurrency Reserve Act, would allow public pension systems to invest in qualifying exchange-traded products, including those providing exposure to cryptocurrency. However, it does not require any system to make such investments.