Asset Entities Inc. (NASDAQ:ASST) on Wednesday announced it has approved the company's merger with Vivek Ramaswamy's Strive.
This paves the way for the launch of Strive, Inc., which will become the first publicly traded asset management firm structured as a Bitcoin treasury company.
The newly formed Strive plans to raise $750 million through a private placement financing (PIPE) at the close of the merger, with an additional $750 million potentially available from warrant exercises, the company announced.
Combined, the $1.5 billion raise would directly fund Bitcoin (CRYPTO: BTC) purchases, positioning the company among the largest corporate holders of the cryptocurrency.
The company will continue trading on Nasdaq under the ticker symbol ASST, with Matt Cole serving as Chief Executive Officer and Chairman of the Board.
Arshia Sarkhani, current President and CEO of Asset Entities, will assume the role of Chief Marketing Officer and join the board.
The shareholder approval comes as corporate treasuries increasingly adopt Bitcoin as a reserve asset.
According to BitcoinTreasuries.net, Strategy Inc. (NASDAQ:MSTR) leads the rankings with 638,460 BTC, valued at more than $70 billion at current prices.
Other major public holders include MARA Holdings (NASDAQ:MARA) (52,477 BTC), XXI (NASDAQ:CEP) (43,514 BTC), Bitcoin Standard Treasury Company (NASDAQ:BSTR) (30,021 BTC), and Bullish (NASDAQ:BLSH) (24,000 BTC).
In comparison, Strive's planned $1.5 billion allocation, depending on execution and market prices, could push the company into the upper tier of publicly listed Bitcoin treasuries shortly after launch.
The approval marks a significant milestone in Strive's strategy to build a Bitcoin-focused asset manager.
"This shareholder approval is a defining moment in our mission to build a world-class Bitcoin Treasury Company," said Matt Cole, Strive's incoming CEO.
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