American billionaire Vivek Ramaswamy’s company, “Strive,” has completed a $162 billion purchase of 1,567 Bitcoin. Following the launch of its IPO, Strive disclosed the 1,567 BTC purchase, valued at approximately $103,315 per Bitcoin. As of Monday, the company now holds 7,525 Bitcoin.

Strive Asset Management was co-founded by Ramaswamy in 2022 and manages approximately $2 billion in assets. The company has been heavily invested in cryptocurrency, particularly Bitcoin. On its official website, Strive says it views Bitcoin “as the most secure, transparent, and resilient reserve asset available to corporations today—and a natural benchmark for long-term capital discipline.”

The latest BTC purchase comes shortly after Bitcoin suffered its worst week of the year, plummeting back to the $100,000 price level. At press time, it’s back up to $105,000, a 1.2% climb in the last 24 hours.

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“The successful IPO of the SATA Stock makes Strive the first Bitcoin treasury company to finance its Bitcoin amplification exclusively through perpetual preferred equity, and the second overall, after Strategy, to issue a publicly traded perpetual preferred equity security,” said Matt Cole, Chairman & CEO. “While Strive only went public in September, we’ve quickly shown the market both the speed and the precision our team operates with to drive long-term value to our shareholders, with Bitcoin as our hurdle rate.”

While Vivek Ramaswamy’s company does not offer a traditional spot Bitcoin ETF yet, it did file to launch a ‘Bitcoin Bond’ ETF with the SEC earlier this year. After it garners a green signal, the ETF’s shares will be listed on the New York Stock Exchange (NYSE) and held by the Depository Trust Company. The fund is intended to fulfill regulated investment business standards and will release income weekly.