Asset entities, a social media marketing company, will merge with Strive Enterprises to pivot into a Bitcoin treasury company that will operate under the Strive brand.

Asset Entities shareholders have approved the merger, the company disclosed in its Sep. 9 announcement, and the new company will be renamed as Strive, Inc.. However, it will continue to trade under the original ASST ticker.

“This vote, we believe, opens the door to building one of the biggest and most successful Bitcoin Treasury Companies, and providing maximum value to our legacy shareholders,” Arshia Sarkhani, who will serve as the new company’s CMO, was quoted as saying.

Matt Cole, who currently serves as the CEO of Strive Enterprise subsidiary Strive Asset Management, will lead Strive Inc. as its Chief Executive Officer and Chairman of the Board.

ASST ended Tuesday’s session up 17.8% at $6.28, before surging another 52% after-hours to $9.55 as news of the merger made rounds.

Strive to acquire more Bitcoin

The companies opted for a reverse-merger structure, which offers a more controlled path to going public compared to traditional SPAC deals, with less reliance on speculative capital and tighter deal timelines.

As of now, the merger has yet to close, pending certain conditions, including Nasdaq’s approval of Strive’s listing application.

Strive is also set to complete a $750 million private placement and raise another $750 million from the exercise of warrants issued in the PIPE. In total, this would bring in $1.5 billion in fresh liquidity, which the company plans to put forward for a large-scale Bitcoin acquisition strategy that could see it purchase up to 13,450 BTC at current prices.

The merger was originally announced on May 7, with Strive noting that it intends to accumulate Bitcoin using a multi-pronged approach that includes plans for a first-of-its-kind offering that allows accredited investors to exchange Bitcoin for equity in the public company.

Further, the new company would acquire undervalued public companies with strong cash positions and use fixed-income and derivatives strategies to hedge risk while leveraging Bitcoin accumulation.

At the time, Strive had also disclosed plans to purchase distressed Bitcoin claims tied to the Mt. Gox estate. According to an SEC filing, the company targeted approximately 75,000 BTC from Mt. Gox’s bankruptcy proceedings. The idea was to acquire the claims below market value and thereby enhance the company’s Bitcoin-per-share metric.

To date, the Mt. Gox claims acquisition has not been completed, and it remains subject to ongoing negotiations and required approvals.

Strive Asset Management, a subsidiary of the combined firm, held 69 BTC in its coffers as of Sep. 3, 2025, per data from Bitcoin Treasuries.

More public companies opt for Bitcoin play

As the latest entrant in the Bitcoin treasury market, the new firm joins a list of 186 public companies that are currently holding Bitcoin either via direct investments or by pivoting entirely to a Bitcoin-focused corporate strategy.

These companies hold a combined total of over 1 million BTC. That’s roughly 5.1% of the total circulating supply for the flagship crypto.

Strategy remains the largest corporate holder, and its latest $217m investment brought its total holdings to a whopping 638,460 BTC.