Asset Entities Inc. (ASST) is making headlines following its shareholders' approval of a merger with Strive Enterprises. The move is designed to create a leading public Bitcoin Treasury Company. The combined entity will operate as Strive, Inc. and will continue to trade on the Nasdaq under the ticker symbol ASST.

Merger Details

The merger received strong support from Asset Entities' shareholders, following Strive's stockholders' approval on September 4, 2025. Upon completion of the merger, Matt Cole will assume the role of CEO and Chairman, while Arshia Sarkhani, the current CEO of Asset Entities, will transition to Chief Marketing Officer and remain a board member.

The closing of the merger is still subject to certain conditions, including clearance from Nasdaq regarding the company's listing application. Concurrent with the closing, the company anticipates a private placement financing that is expected to generate over $750 million in gross proceeds, with the potential for an additional $750 million through warrant exercises. This could bring the total proceeds to $1.5 billion.

Bitcoin Treasury Company

The merger aims to establish a company focused on Bitcoin treasury strategies designed to outperform Bitcoin over time. Strive, co-founded in 2022 by Vivek Ramaswamy, describes itself as a financial services firm focused on "unapologetic capitalism". Its asset management subsidiary manages over $2 billion in assets since launching its first ETF in August 2022. The new company intends to employ strategies for Bitcoin accumulation, potentially including a tax-efficient equity-for-Bitcoin exchange. The company will operate with a zero-debt profile.

Market Reaction

News of the merger approval led to a surge in Asset Entities' stock. Shares of ASST closed up 17% on Tuesday and rose another 35% in after-hours trading. Another source reported shares rose 51.27% after-hours. The stock has demonstrated momentum, with data showing a nearly 960% price return over the past six months, though recent trading has been volatile.

Strategic Implications

The merger is viewed as a strategic move to expand and integrate Strive Enterprises, with the goal of maximizing Bitcoin exposure per share and outperforming Bitcoin in the long run. The focus on "Bitcoin per share" as a performance metric signals the company's alignment with shareholder interests in the Bitcoin space. Strive plans to fund its Bitcoin purchases with $750 million from a private investment in public equity (PIPE), plus another $750 million potentially from the exercise of warrants issued in the PIPE.

Leadership Perspectives

Matt Cole stated that the shareholder approval is a "defining moment" in their mission to build a world-class Bitcoin Treasury Company. Arshia Sarkhani added that the merger empowers them to amplify Strive's mission while delivering transformative value to shareholders.