Key facts
- Vivek Ramaswamy, running for Ohio governor, has reduced his public focus on cryptocurrency compared to his presidential campaign.
- Ramaswamy co-founded Strive, which plans to launch a Bitcoin Bond ETF and held 23,156 BTC worth $2 billion as of Aug. 28.
- His campaign has received millions in donations from crypto industry figures, including Jeff Yass and Elon Musk.
- A May 2024 poll indicated 77% of Ohio respondents held negative views on digital currency.
- Ohio has the most data centers in the US, a topic of debate in the gubernatorial race.
Vivek Ramaswamy, a prominent Republican figure and co-founder of the asset manager Strive, is running for Ohio governor. While he previously championed cryptocurrency during his presidential bid, his current gubernatorial campaign has significantly downplayed the issue, despite his substantial financial ties to the digital asset industry.
During his 2024 presidential campaign, Ramaswamy frequently spoke in favor of Bitcoin and against central bank digital currencies (CBDCs). He also attended industry events and his campaign website accepts crypto donations. His Super PAC, "V-PAC: Victors, Not Victims," has received millions in contributions from prominent figures in the crypto space, including $20 million from Susquehanna International Group co-founder Jeff Yass, $6 million from NYDIG founder Ross Stevens, and $5 million from Elon Musk.
Ramaswamy retains a significant stake in Strive, the company he co-founded. As of August 28, Strive reported holding 23,156 BTC, valued at approximately $2 billion. An SEC filing on September 26 showed Ramaswamy owned over 5.6 million shares in Strive, worth more than $170 million. He also reported personal holdings of Bitcoin and Ether through a Coinbase wallet.
However, as the Ohio gubernatorial race has progressed, Ramaswamy's public discourse on digital assets has waned. This shift may be influenced by local voter sentiment, as a May 2024 poll indicated that Ohio voters were more negative towards crypto than the general US population, with 77% holding negative views. Additionally, data centers, which are prevalent in Ohio and linked to crypto mining, have become a contentious issue in the campaign.
Ohio Secretary of State Frank LaRose announced in September that the state would begin accepting cryptocurrency for fees and services, a development Ramaswamy had not publicly addressed as of publication.