$1.5B BTC Treasury Company Coming as Asset Entities Approves Merger With Vivek Ramaswamy's Strive

What to know:

• Shareholders of Asset Entities (ASST) approved a merger with Strive Enterprises, which was co-founded by Vivek Ramaswamy.
• The merger is expected to close with $750 million in PIPE financing and potentially another $750 million in PIPE warrant exercises.
• ASST shares were higher by nearly 40% in U.S. morning trade.

Asset Entities Inc (ASST) announced that its shareholders have approved a merger with Strive Enterprises. Following Strive’s shareholder approval on Sept.4, this paves the way for the combined company, to be renamed Strive Inc., to pursue a bitcoin treasury strategy.

Former presidential candidate Vivek Ramaswamy co-founded Strive Enterprises in 2022.

Matt Cole — currently the head of Strive Asset Management — will lead the combined company as chairman and CEO, while Asset Entities’ President and CEO Arshia Sarkhani will transition to chief marketing officer and board member. The merger’s closing remains subject to Nasdaq listing clearance and other customary conditions, according to the announcement.

Strive expects to finalize a $750 million private placement (PIPE) financing upon closing, with potential gross proceeds exceeding $1.5 billion if warrants are exercised. Cole highlighted the company’s debt-free structure and strategy to maximize bitcoin per share through disciplined, long-term approaches designed to outperform Bitcoin itself.

ASST shares are higher by 38% in U.S. mid-morning trade.