On March 5, 2026, the Wyoming State Treasury purchased 250,000 shares of Strive, marking the first time public funds in the United States were directly invested in a publicly traded company holding Bitcoin reserves.
Details of the Investment in Strive
The investment was made through the Permanent Wyoming Mineral Trust Fund, which Wyoming uses as a long-term portfolio diversification tool. These shares purchased through Strive shares amounted to approximately $3.57 million, based on the closing price of the trading day, $14.28.
Wyoming officials announced that this investment was the first share purchase from a company holding Bitcoin reserves and pointed out the symbolic importance of the step.
According to the fund, this amount was kept at a modest level compared to total assets. In Wyoming, under HB 201 law, the treasury is authorized to invest up to 3 percent of public funds in Bitcoin-related assets. This transaction was well below the determined upper limit and was described as a strategic start by the authorities. In the message given, emphasis was placed on the principled meaning of the step taken rather than its size.
Choosing Strive Instead of Bitcoin ETF in Investment
Wyoming specifically favored investing in Strive rather than directly in the spot Bitcoin ETF. Spot Bitcoin ETF provides only passive exposure to Bitcoin price fluctuations and does not provide additional returns. Strive, on the other hand, offers a portfolio structure that holds Bitcoin as its main reserve asset while also generating income from company activities. This allows the state fund to potentially generate returns not only from Bitcoin price movement, but also from the company’s operating profits.
Strive, co-founded by Vivek Ramaswamy, transformed itself into a Bitcoin Treasury company after a reverse merger at the end of 2025. It is noted that as of the beginning of 2026, 13,132 Bitcoins were held in the company, and the market value of this asset exceeded 1.1 billion dollars. This level makes Strive the tenth largest publicly traded holder of Bitcoin globally. Strive’s Bitcoin purchases are financed by a special stock in SATA structure that generates returns and pays dividends every month.
Regulatory Infrastructure and Wyoming’s Strategy
Wyoming continues to lead the United States in this field, having implemented more than 50 digital asset laws since 2017. A special Chancery Court has been established in the state for commercial and trust cases related to digital assets. The law called HB 201 was also put into effect for public fund investment in Bitcoin and crypto-focused assets; This step is not seen as an isolated policy choice but as part of an ongoing reform.
Having built a nearly decade-long history of digital asset regulation, Wyoming has become an attractive hub for companies operating in the crypto space during this time, and has now come to the fore with its first direct Bitcoin company investment at the public funds level. While it remains unclear whether similar steps will be taken in other states of the USA, Wyoming’s leading role in this regard draws attention.
