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A-shares of Asset Entities surged after merging with Strive to acquire a Bitcoin treasury worth $1.5 billion.
Asset Entities A-shares (ASST) rose over 52% in after-hours trading after shareholders approved the merger with Strive Enterprises of Vivek Ramaswamy to establish a Bitcoin treasury company. The deal is expected to raise 1.5 billion USD to purchase approximately 13,450 BTC, positioning the new company – Strive, Inc. – among the top 10 largest Bitcoin holders in the world.
According to the plan, Strive will raise 750 million USD through the Private Investment in Public Equity (PIPE) and an additional 750 million USD from warrant options. Previously, Strive expressed its intention to purchase 75,000 BTC from the debt of the Mt. Gox exchange to optimize value.
Matt Cole, CEO of Strive Asset Management, will lead the new company, while CEO of Asset Entities Arshia Sarkhani takes on the role of marketing director. Currently, public companies hold over 1 million BTC, equivalent to 5.1% of the circulating supply, with MicroStrategy leading the ownership of 638,460 BTC.