Asset Entities Stock Soars As Nod For Merger With Vivek Ramaswamy's Strive Clears Path To Bitcoin Treasury — Retail Yells ‘Hold The Squeeze’

Asset Entities Inc. (ASST) shares surged 52% in extended trading on Tuesday after the company’s shareholders approved its merger with Strive Enterprises, keeping it on course to launch a bitcoin-focused digital asset treasury.

The combined company will be renamed Strive Inc. and will be led by Strive Enterprises' CEO, Matt Cole. Additionally, Arshia Sarkhani, from Asset Entities, will become 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 said. “We are uniquely positioned relative to peers to execute our strategy and maximize Bitcoin per share for investors.”

Retail sentiment on Stocktwits about Asset Entities was in the ‘extremely bullish’ territory at the time of writing, with the message volume surging 372% over the past 24 hours.

The merger comes amid renewed interest among companies to create cryptocurrency treasuries, following the footsteps of Michael Saylor’s Strategy. The company holds over 638,000 Bitcoins, currently valued at over $71 billion.

The deal was first announced in May, with the companies offering a unique share to Bitcoin exchange in a manner that is intended to be tax-free to investors under section 351 of the U.S. tax code.

Concurrent to the closing of the deal, the firm expects to raise more than $750 million through a private placement financing (PIPE), with an additional $750 million potentially available upon the exercise of warrants.

Asset Entities provides social media marketing, management, and content delivery across Discord, TikTok, Instagram, X, and other social media platforms.

Strive was founded by Cole and former presidential candidate Vivek Ramaswamy, who is currently running to become the Ohio Governor. Strive Asset Management, a unit of the company, now manages over $2 billion in assets.

“Don't take profit people, hold the squeeze, don't let them cover so easily,” one user advised others.

Another trader hoped the stock would jump up to $100 by noon.

Asset Entities' stock has soared an astonishing 1156% this year.

Also See: Bitcoin Slips; XRP, Ether Gain As Investors Await Inflation Data

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