Strive's Bold Bet: Building a Bitcoin Empire, One Shareholder Vote at a Time

Asset Entities Inc. (NASDAQ: ASST) shareholders have approved the merger with Strive Enterprises, Inc., a pivotal step in forming a public Bitcoin treasury company with the potential to accumulate $1.5 billion in Bitcoin holdings. The merger was endorsed by a strong majority of shareholders, with Strive Enterprises’ shareholders approving the deal on September 4, 2025. Upon completion of the merger, the combined entity will be renamed Strive, Inc. and will continue to trade under the ticker symbol ASST on Nasdaq. Matt Cole has been appointed as Chief Executive Officer and Chairman, while Arshia Sarkhani, former CEO of Asset Entities, will transition to Chief Marketing Officer and Board member.

The merger includes a $750 million private investment in public equity (PIPE) financing, with an additional $750 million potentially available through warrant exercises, bringing total gross proceeds to over $1.5 billion. This substantial capital infusion is expected to serve as a significant vehicle for Bitcoin acquisition, aligning the new entity with institutional-grade Bitcoin holders. The merger’s reverse structure allows Strive to gain immediate access to public markets without undergoing a traditional initial public offering (IPO), while its zero-debt profile reduces financial risk during the transition.

Strive, a financial services firm co-founded in 2022 by Vivek Ramaswamy, has previously demonstrated rapid growth in managing over $2 billion in assets through its wholly owned subsidiary, Strive Asset Management, LLC. The company's strategy involves combining Bitcoin treasury leveraged beta strategies with novel alpha-generating approaches, aiming to outperform the cryptocurrency over the long term. Strive's mission emphasizes unapologetic capitalism, with a focus on maximizing value for clients through aggressive capital allocation.

The leadership shift highlights Strive’s role as the dominant partner in the merger. Matt Cole’s appointment as CEO and Chairman underscores the strategic direction of the combined company toward Bitcoin accumulation and value generation. The transition of Arshia Sarkhani to a marketing-focused role further aligns the new entity's structure with Strive's operational priorities. The stated objective of "outperforming Bitcoin itself over time" suggests a more sophisticated approach than simple coin accumulation, potentially including yield strategies or strategic trading mechanisms.

While the merger presents a transformative opportunity, recent market performance of ASST has been mixed. On Friday, the stock declined by 17.6%, trading at $4.54, significantly below its 52-week high of $13.42. The company reported a quarterly earnings per share (EPS) of ($0.17), with a negative net margin of 996.98% and a negative return on equity of 246.95%. Analysts at Wall Street Zen downgraded ASST from a “hold” to a “sell” rating. Institutional investors hold 5.52% of the company's stock, with several hedge funds acquiring new stakes during the second quarter. Despite the merger approval, the stock's performance reflects ongoing volatility and investor uncertainty.

The merger and subsequent funding plan position Strive, Inc. as a notable entrant in the Bitcoin treasury sector. If the $750 million PIPE and potential warrant exercises are fully executed, the combined entity could join the ranks of institutional Bitcoin holders, with a Bitcoin per share metric as a key performance indicator. The company’s focus on disciplined, long-term strategies signals a commitment to aligning with the broader market dynamics of Bitcoin while mitigating risks typically associated with speculative investments in the cryptocurrency space.