Merger Announcement

Asset entities, a social media marketing company, will merge with Strive Enterprises to pivot into a Bitcoin treasury company that will operate under the Strive brand. The merger has been approved by Asset Entities shareholders, as disclosed in the company’s September 9 announcement.

New Company Structure

The new company will be renamed as Strive, Inc. and will continue to trade under the original ASST ticker. Arshia Sarkhani, who will serve as the new company’s CMO, believes this merger will open the door to building one of the biggest and most successful Bitcoin Treasury Companies, providing maximum value to legacy shareholders.

Leadership

Matt Cole, currently the CEO of Strive Enterprise subsidiary Strive Asset Management, will lead Strive Inc. as its Chief Executive Officer and Chairman of the Board. This change in leadership is expected to bring new direction and focus to the company.

Market Reaction

ASST ended Tuesday’s session up 17.8% at $6.28, before surging another 52% after-hours to $9.55 as news of the merger made rounds. This significant increase in stock price reflects the market’s positive reaction to the merger announcement.

Merger Details

The companies opted for a reverse-merger structure, which offers a more controlled path to going public compared to traditional SPAC deals. This structure allows for less reliance on speculative capital and tighter deal timelines. However, the merger has yet to close, pending certain conditions, including Nasdaq’s approval of Strive’s listing application.

Fundraising Plans

Strive is set to complete a $750 million private placement and raise another $750 million from the exercise of warrants issued in the PIPE. In total, this would bring in $1.5 billion in fresh liquidity, which the company plans to put forward for a large-scale Bitcoin acquisition strategy.

Bitcoin Acquisition Strategy

The company plans to accumulate Bitcoin using a multi-pronged approach, including a first-of-its-kind offering that allows accredited investors to exchange Bitcoin for equity in the public company. Additionally, the new company would acquire undervalued public companies with strong cash positions and use fixed-income and derivatives strategies to hedge risk while leveraging Bitcoin accumulation.

Mt. Gox Claims

The merger was originally announced on May 7, with Strive noting that it intends to accumulate Bitcoin, including plans to purchase distressed Bitcoin claims tied to the Mt. Gox estate. According to an SEC filing, the company targeted approximately 75,000 BTC from Mt. Gox’s bankruptcy proceedings.

Current Holdings

Strive Asset Management, a subsidiary of the combined firm, held 69 BTC in its coffers as of September 3, 2025, per data from Bitcoin Treasuries. This is a relatively small holding compared to other public companies.

Growing Trend

As the latest entrant in the Bitcoin treasury market, the new firm joins a list of 186 public companies that are currently holding Bitcoin either via direct investments or by pivoting entirely to a Bitcoin-focused corporate strategy. These companies hold a combined total of over 1 million BTC, roughly 5.1% of the total circulating supply for the flagship crypto.

Largest Corporate Holders

Strategy remains the largest corporate holder, and its latest $217m investment brought its total holdings to a whopping 638,460 BTC. This significant investment demonstrates the growing interest in Bitcoin among public companies.

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