Asset Entities shareholders approve merger with Ramaswamy's Strive to create bitcoin treasury company

Asset Entities (ticker ASST) said Tuesday its shareholders approved the firm’s planned merger with Strive Enterprises, paving the way for the company to transform into a bitcoin-focused digital asset treasury (DAT).

The combined company will be renamed Strive, Inc. and continue trading under the ticker ASST. Matt Cole will serve as CEO, while Asset Entities’ Arshia Sarkhani will become CMO and join the board.

"This shareholder approval is a defining moment in our mission to build a world-class Bitcoin Treasury Company,” Cole said in a press release . "With our reverse-merger structure and zero-debt profile, we are positioned to maximize Bitcoin per share for investors through disciplined, long-term strategies."

Shares of ASST closed Tuesday's session up 17% to $6.28, and the stock was up another 35% in after-hours trading on news of the merger approval.

The merger was first announced in May , when the firms touted the reverse merger as enabling a "first-of-its-kind" tax-free exchange of bitcoin for equity under Section 351 of the U.S. tax code. At the time, Strive Enterprises also said it planned to evaluate distressed Bitcoin claims , including 75,000 BTC tied to the collapsed Mt. Gox exchange.

Alongside the merger’s close, the company expects to complete a $750 million private placement (PIPE), with another $750 million potentially raised through warrant exercises.

Strive Asset Management, a subsidiary of the combined firm and an SEC-registered investment adviser, has grown to manage over $2 billion in assets since launching its first ETF in 2022. The firm was co-founded by biotech billionaire and former presidential candidate Vivek Ramaswamy, who is expected to run for governor of Ohio in 2026.

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