Asset Entities Inc. (ASST) shares experienced a remarkable 52% increase in extended trading on Tuesday following the approval of its merger with Strive Enterprises by shareholders. This significant milestone sets the stage for the newly combined entity, which will be renamed Strive Inc., to establish itself as a leader in the burgeoning bitcoin-focused digital asset treasury sector. Matt Cole, the CEO of Strive Enterprises, will continue to lead the company, while Arshia Sarkhani from Asset Entities will step in as the chief marketing officer and join the board.
“This shareholder approval is a defining moment in our mission to build a world-class Bitcoin Treasury Company,” Cole stated, emphasizing the company’s strategic positioning compared to its peers and the goal of maximizing Bitcoin per share for its investors.
Retail sentiment surrounding Asset Entities surged dramatically on social media platform Stocktwits, reaching ‘extremely bullish’ status. The message volume related to the company jumped 372% over the previous 24 hours, indicating growing investor interest and confidence.
The merger was first revealed in May, when both companies announced plans to create a unique structure for offering shares linked to bitcoin exchanges, designed to allow a tax-free transition for investors under section 351 of the U.S. tax code. Alongside the finalization of the deal, Strive Inc. anticipates raising over $750 million through a private placement financing (PIPE), with additional funds potentially available through warrants.
Asset Entities specializes in social media marketing, management, and content delivery across platforms including Discord, TikTok, Instagram, X, and others. Strive, which was co-founded by Cole and former presidential candidate Vivek Ramaswamy, has seen notable growth, with Strive Asset Management managing over $2 billion in assets.
Amidst the ongoing interest in cryptocurrency treasuries, the market is witnessing a shift inspired by Michael Saylor’s aggressive bitcoin accumulation strategy. Saylor’s company reportedly holds over 638,000 bitcoins, valued at approximately $71 billion, setting a benchmark for other firms.
Users on Stocktwits have been urging caution and patience, with one suggesting, “Don’t take profit people, hold the squeeze, don’t let them cover so easily,” while another speculated on potential stock price increases, projecting a jump to $100 by noon. Since the start of the year, Asset Entities’ stock has soared an astonishing 1156%, underscoring the enthusiasm and volatility surrounding cryptocurrency investments.
As the market continues to react to these developments, all eyes will be on Strive Inc. as it works to solidify its position within the rapidly evolving landscape of digital assets.
