Asset Entities shareholders have approved the merger with Strive, the company announced on September 9. The combined company will be renamed Strive, Inc., though it will continue to trade under the ASST ticker.
“This vote opens the door to building one of the largest and most successful Bitcoin treasury companies, while maximizing value for our legacy shareholders,” said Arshia Sarkhani, who will serve as the new company’s CMO.
Matt Cole, currently CEO of Strive Enterprise subsidiary Strive Asset Management, will become CEO and Chairman of the Board of Strive, Inc.
Following the news, ASST closed Tuesday up 17.8% at $6.28 and surged another 52% after-hours to $9.55.
Strive Plans Aggressive Bitcoin Acquisition
The merger uses a reverse-merger structure, providing a more controlled route to going public than traditional SPACs, with tighter timelines and less reliance on speculative capital. The deal still awaits finalization, including Nasdaq approval of Strive’s listing application.
Strive plans to raise $1.5 billion in total liquidity through a $750 million private placement and $750 million via PIPE warrant exercises. The funds are earmarked for a large-scale Bitcoin acquisition strategy, potentially acquiring up to 13,450 BTC at current prices.
Originally announced on May 7, Strive outlined a multi-pronged approach for Bitcoin accumulation, including a first-of-its-kind offering allowing accredited investors to exchange Bitcoin for public company equity. The company also intends to acquire undervalued public companies with strong cash positions, using fixed-income and derivatives strategies to hedge risk while growing its Bitcoin holdings.
Strive had previously disclosed plans to purchase distressed Bitcoin claims from the Mt. Gox estate, targeting roughly 75,000 BTC at below-market prices to boost its Bitcoin-per-share metric. The acquisition remains under negotiation and pending required approvals.
As of September 3, Strive Asset Management held 69 BTC, according to Bitcoin Treasuries.
Public Companies Increasing Bitcoin Exposure
Strive joins 186 public companies currently holding Bitcoin, collectively controlling over 1 million BTC—about 5.1% of the total circulating supply. Strategy remains the largest corporate holder, with 638,460 BTC after a recent $217 million investment.
