Shareholders of Asset Entities Inc. (NASDAQ: ASST) overwhelmingly approved a reverse merger with Strive Enterprises, Inc., a financial services firm co-founded by biotech entrepreneur and former U.S. presidential candidate Vivek Ramaswamy.
This follows Strive’s own shareholder approval on September 4, 2025. The deal, first announced in May 2025, transforms the combined entity into Strive, Inc., positioning it as the first publicly traded asset management Bitcoin treasury company. The new firm will retain the ASST ticker on Nasdaq and focus on building a substantial Bitcoin reserve while aiming to outperform BTC through leveraged strategies and alpha-generating approaches.
ASST shares exploded on the news, surging ~52% in after-hours trading on September 9 and up another ~38% in mid-morning trading on September 10, 2025—part of a year-to-date gain exceeding 1,150%.
The rally reflects investor enthusiasm for corporate Bitcoin adoption, mirroring moves by firms like MicroStrategy (which holds ~638K BTC). On X (formerly Twitter), traders are buzzing with calls to “hold the squeeze,” eyeing potential runs to $100/share, while analysts highlight the deal’s “first-of-its-kind” structure.
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This merger taps into the surging trend of public companies treating Bitcoin as a treasury reserve asset, with holdings now topping 1.5M BTC across corporates. Strive’s entry, backed by Ramaswamy’s “unapologetic capitalism” ethos, aims to differentiate via alpha strategies beyond simple accumulation—potentially challenging leaders like MicroStrategy.
Risks include Bitcoin volatility, regulatory hurdles, and execution on distressed claims, but the debt-free setup and PIPE backing provide a strong launchpad. If closed soon, Strive could rank among the top 10 public BTC holders within months, depending on market prices.
Strive, Inc. will pioneer a public company model explicitly focused on accumulating Bitcoin as a primary treasury reserve, aiming to maximize Bitcoin per share. This aligns with the growing trend of corporate Bitcoin adoption with over 1.5M BTC held by public firms as of September 2025.
The $750M PIPE financing, with potential for another $750M via warrants, provides substantial capital to build a significant Bitcoin reserve, potentially ranking Strive among the top 10 corporate BTC holders if executed swiftly at current prices.
Unlike competitors like MicroStrategy, which has used debt to fund Bitcoin purchases, Strive’s debt-free structure reduces financial risk and enhances flexibility in volatile crypto markets. This could attract risk-averse investors seeking exposure to Bitcoin through a public equity.
The merger has already driven a ~1,150% year-to-date surge in ASST stock, with further spikes post-approval (~52% after-hours on September 9, ~38% on September 10). This reflects high investor enthusiasm but also introduces volatility risk, as sentiment-driven rallies could reverse on market downturns or execution challenges.
The ~94% ownership by Strive Enterprises shareholders dilutes legacy Asset Entities investors (~6%), potentially causing friction unless Bitcoin-driven growth delivers outsized returns.
Strive’s entry as a Nasdaq-listed Bitcoin treasury company, backed by Vivek Ramaswamy’s high-profile advocacy, could accelerate corporate adoption of Bitcoin as a reserve asset. This may pressure other firms to follow, especially those in Strive’s $2B+ ETF portfolio, amplifying a feedback loop in BTC demand.
The focus on distressed assets (e.g., Mt. Gox’s ~75,000 BTC claims) introduces a novel strategy, potentially unlocking value from illiquid or undervalued Bitcoin pools, which could inspire similar moves by competitors.
Strive’s aim to outperform Bitcoin through leveraged strategies and alpha generation directly challenges MicroStrategy’s dominance. Success could reshape the competitive landscape for corporate Bitcoin treasuries, though failure to deliver alpha may cede ground to established players.
The merger’s closure hinges on Nasdaq listing clearance and regulatory approvals, which could face scrutiny given Bitcoin’s evolving regulatory status. Delays or adverse rulings could dampen momentum. Pursuing distressed assets like Mt. Gox claims carries execution risk.
Strive’s model could inspire other asset managers to integrate Bitcoin into their strategies, particularly those managing ETFs or advising portfolio companies. This could drive institutional demand, tightening Bitcoin’s supply and supporting long-term price appreciation.
Ramaswamy’s involvement, even if indirect, ties Strive to his anti-establishment, pro-free-market ideology. This could attract a polarized investor base—enthusiastic among crypto advocates and libertarians, but skeptical among traditionalists wary of Bitcoin’s volatility or Ramaswamy’s political profile.
The deal’s ripple effects could accelerate Bitcoin’s institutional embrace, influence market dynamics, and spark debate over crypto’s role in corporate strategy—all while testing the limits of Ramaswamy’s vision in a volatile asset class.