Shares of Asset Entities (ASST) surged on Tuesday after the company’s shareholders approved a merger with Vivek Ramaswamy’s Strive Enterprises. The move will create a new Bitcoin treasury company, renamed Strive, Inc., which plans to raise $1.5 billion to buy Bitcoin.
Asset Entities stock closed 17.8% higher at $6.28 and jumped another 52% after-hours to $9.55, following the announcement. The company said a “strong majority” of shareholders voted for the merger, signaling strong support for its crypto-focused shift.
Matt Cole, CEO of Strive Asset Management, will lead the merged company, while Asset Entities’ CEO Arshia Sarkhani will take on the role of Chief Marketing Officer and Board Member. Ramaswamy, who co-founded Strive and was the youngest U.S. presidential candidate in 2024, has not yet disclosed his role in the new venture.
Strive Eyes Big Bitcoin Buy
The combined firm plans to fund its $1.5 billion Bitcoin purchase through a mix of private investments and warrants. At current prices, the plan would secure around 13,450 Bitcoin, placing Strive among the top 10 largest corporate holders.
This move resembles an increasing trend in public companies, which now own a total of more than 1 million Bitcoin, approximately 5.1% of the circulating supply. Michael Saylor’s Strategy remains the leader with more than 638,000 BTC, while firms like MARA Holdings and XXI follow behind.
Strive has also expressed interest in acquiring up to 75,000 Bitcoin tied to claims from the collapsed Mt. Gox exchange. The move, if successful, could boost its Bitcoin-per-share ratio, a key metric in the treasury space.
Launched in 2022, Strive has already amassed $2 billion in assets. By teaming up with Asset Entities, a social media marketing firm with no prior crypto involvement, the new Strive is making a bold bet on Bitcoin adoption.
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