Ohio gubernatorial candidate Vivek Ramaswamy is facing scrutiny over his proposal to invest state funds in Bitcoin, a move supported by millions in donations from crypto industry leaders.

Key Points

• Vivek Ramaswamy has pledged to establish a state-backed Bitcoin reserve if elected governor of Ohio, potentially shifting hundreds of millions in public assets into cryptocurrency.
• Major crypto donors, including Ross Stevens and Jeff Yass, have contributed $24 million to a super PAC supporting Ramaswamy’s gubernatorial campaign.
• Ramaswamy retains a 10 percent ownership stake in Strive, Inc., an asset management firm that recently pivoted its strategy to focus heavily on Bitcoin holdings.
• Strive, Inc. has faced significant financial challenges, with its stock price declining 96 percent since its 2023 IPO and its Bitcoin holdings currently showing a 37 percent loss.
• As governor, Ramaswamy would have the authority to appoint trustees for Ohio’s $250 billion public pension funds, potentially influencing their investment strategies toward digital assets.

Why it Matters

This proposal highlights a growing intersection between political campaigns and the cryptocurrency industry, raising concerns about the risks of using public pension funds for volatile digital assets. If implemented, the policy could set a significant precedent for how state governments manage taxpayer money and retirement savings in the evolving digital economy.