In a significant move reflecting the growing interest in cryptocurrency, shareholders of Asset Entities have voted in favor of a merger with Strive, a firm established by entrepreneur Vivek Ramaswamy. This partnership aims to create a bitcoin treasury, a development that has generated notable market activity. Following the announcement, Asset Entities’ shares surged, initially climbing 145% during premarket trading on Wednesday, and peaking at a 50% rise by noon ET.
The merger strategy underscores Asset Entities’ ambitious goal of raising as much as $1.5 billion through a Private Investment in Public Equity (PIPE) deal, contingent upon the exercise of warrants. This financial maneuver indicates the company’s strong commitment to utilizing the expected inflows to bolster its position in the bitcoin market.
In parallel developments in the cryptocurrency landscape, the bitcoin-focused venture firm Nakamoto made headlines with a substantial investment of $30 million in Metaplanet. This marks Nakamoto’s largest single investment to date as well as its first in an Asian public company pursuing a bitcoin treasury strategy. According to a press release from Nakamoto, the investment is part of Metaplanet’s recently enlarged international equity financing, which now consists of 385 million shares and raised $1.4 billion. Initially, Metaplanet aimed for a fundraising target of up to $880 million through the issuance of new shares, highlighting the strong appetite for investment in this sector. Notably, the proceeds from this financing will primarily be allocated toward the acquisition of bitcoin. Currently, Metaplanet holds an impressive 20,136 bitcoin.
On the corporate front, Metaplanet’s share price rallied following the announcement, recovering from a challenging month which had seen its stock fall by 36.7%.
In other notable bitcoin-related news, UK-based The Smarter Web has expanded its holdings by acquiring 30 bitcoin, bringing its total to 2,470 as part of its outlined “10 Year Plan.” Meanwhile, bitcoin exchange-traded funds (ETFs) continue to attract investor interest, recording inflows totaling $391.3 million, according to recent data from SoSoValue.
Bitcoin miners are also navigating a positive trajectory, with Canaan reporting a significant increase in production. The company mined 98 bitcoin in August, representing a 10% month-over-month growth, and now holds a total of 1,547 bitcoin. This uptick in mining output could further enhance the company’s standing in a rapidly evolving market where demand for bitcoin and related investments remains strong.
