What to know:

• Shareholders of Asset Entities (ASST) have approved a merger with Strive Enterprises, co-founded by Vivek Ramaswamy.
• The merger is expected to include $750 million in PIPE financing, potentially reaching another $750 million through PIPE warrant exercises.
• ASST shares rose by nearly 40% during U.S. morning trading.

Asset Entities Inc (ASST) announced the approval of its merger with Strive Enterprises, which followed Strive’s shareholder approval on September 4. This merger will create Strive Inc., focusing on a bitcoin treasury strategy.

Vivek Ramaswamy, who co-founded Strive in 2022, will oversee the company’s new direction.

Currently, Matt Cole, head of Strive Asset Management, will lead as chairman and CEO. On the flip side, Arshia Sarkhani, currently President and CEO of Asset Entities, transitions to chief marketing officer and board member. The merger’s completion will depend on customary conditions and Nasdaq clearance to list.

Strive aims to secure a $750 million PIPE financing at closure, targeting gross proceeds over $1.5 billion, contingent on warrant exercises. Cole expressed a commitment to a debt-free structure and a strategy that aims to maximize bitcoin returns while surpassing general bitcoin performance.

ASST shares have surged by 38% during mid-morning trade.