Asset Entities, Strive Merger Clears Path to $1.5B Bitcoin Treasury Firm

Asset Entities Inc. (ASST) said Thursday its shareholders have approved a merger with Strive Enterprises, marking the latest addition to the fast-expanding group of publicly traded bitcoin treasury companies.

The deal — which follows Strive shareholder approval on Sept. 4 — will see the combined company rebranded as Strive Inc., with a strategic focus on building and managing bitcoin reserves.

Strive Enterprises was co-founded in 2022 by former U.S. presidential candidate Vivek Ramaswamy. Upon completion, Matt Cole, Strive Asset Management’s current head, will take over as chairman and CEO. Arshia Sarkhani, president and CEO of Asset Entities, will assume the role of chief marketing officer and board member.

The merger remains subject to Nasdaq listing approval and other customary closing conditions.

Strive is also lining up a $750 million PIPE financing, which could deliver more than $1.5 billion in gross proceeds if warrants are exercised. Cole emphasized the company’s debt-free balance sheet and said the goal is to maximize bitcoin per share through a disciplined, long-term approach designed to outperform BTC itself.

Shares of ASST jumped 38% in U.S. mid-morning trading following the announcement.