TLDR
- Asset Entities shareholders approve merger with Strive Enterprises to form Bitcoin firm.
- The new company, Strive Inc., plans to raise $1.5 billion to purchase Bitcoin.
- Matt Cole will lead the firm while Arshia Sarkhani joins as CMO and board member.
- Strive targets Mt. Gox claims to acquire discounted Bitcoin pending shareholder approval.
Shares of marketing firm Asset Entities (ASST) surged 52% in after-hours trading on Tuesday. This followed shareholder approval for a merger with Vivek Ramaswamy’s Strive Enterprises. The combined entity will operate as a Bitcoin treasury company. The new company will be renamed Strive, Inc., continuing to trade under the ticker ASST.
The merger approval clears the path for a planned $1.5 billion capital raise aimed at buying Bitcoin. Asset Entities and Strive executives confirmed that the firm will join the growing list of public companies reporting substantial Bitcoin holdings. The surge in corporate crypto adoption has increased concern over potential market oversaturation.
Executive Roles and Corporate Structure
Following the merger, Matt Cole, CEO of Strive Asset Management, will lead the combined company. Asset Entities CEO and president Arshia Sarkhani will become chief marketing officer and board member. The role of Vivek Ramaswamy, co-founder of Strive Enterprises, has not been disclosed.
The firm opted for a reverse-merger structure rather than a SPAC, citing safer, less speculative capital raises. This approach reduces dilution risks and avoids uncertain deal timelines, allowing a controlled path toward acquiring Bitcoin.
Funding Plans and Strategic Acquisitions
Strive plans to fund its Bitcoin purchases through $750 million from a Private Investment in Public Equity (PIPE) and an additional $750 million potentially from warrant exercises. The $1.5 billion capital could acquire approximately 13,450 Bitcoin at current market prices. This would place the company among the top 10 corporate Bitcoin holders.
The merger’s completion depends on specific conditions, including approval of Strive’s Nasdaq listing application. In addition, Strive aims to pursue claims tied to the Mt. Gox collapse. The company has targeted acquiring 75,000 Bitcoin at a discount, pending shareholder approval. Strive said the strategy could boost its Bitcoin-per-share ratio, a metric increasingly tracked among corporate Bitcoin treasuries.
Meanwhile, the firm joins a growing cohort of public companies that have expanded Bitcoin holdings this year. The number of firms reporting large-scale crypto purchases has nearly doubled from under 100 at the start of the year to 186. Companies have used equity, convertible debt, perpetual stock, and SPAC alternatives to fund acquisitions, contributing to Bitcoin’s price rally.
