Strive Asset Management, co-founded by Ohio gubernatorial candidate Vivek Ramaswamy, is making waves with its groundbreaking plan to become a Bitcoin treasury company through a merger with Asset Entities.
The announcement on Wednesday detailed a first-of-its-kind strategy allowing accredited investors to exchange Bitcoin directly for company shares in what Strive claims will be a tax-free transaction under Section 351 of the US tax code.
Bitcoin Treasury Goals
The Dallas-based financial firm’s innovative approach represents a significant milestone in the corporate adoption of cryptocurrency. By enabling direct Bitcoin-for-shares exchanges, Strive is creating a new pathway for both institutional and individual investors to participate in the cryptocurrency market while maintaining the protections of traditional securities.
The market responded enthusiastically, with Asset Entities’ stock price rocketing 450% to close at $3.39 per share. The merged entity, which will operate under the Strive brand, plans to raise up to $1 billion through equity and debt offerings to build what they call a “Bitcoin war chest” while minimizing shareholder dilution.
“It’s not about buying Bitcoin and diluting shareholders,” explained Strive CEO Matt Cole during a presentation at Strategy World 2025. “You actually need to do it in a way that accretes value.”
This strategic move comes at a time when Bitcoin has been gaining increased legitimacy among traditional financial institutions and as price inches closer to the key $100K mark, following a relatively neutral US central bank announcement and ahead of US-China trade talks.
Following Strategy’s Footsteps
The company’s approach mirrors that of Strategy (formerly MicroStrategy), which has amassed approximately 555,500 Bitcoin worth around $52 billion through convertible debt issuances and share sales. However, Strive is introducing innovative elements through its reverse merger structure, which provides greater capital-raising flexibility than a traditional IPO.
Beyond simple accumulation, Strive has indicated it may pursue future mergers targeting overcapitalized firms to acquire cash at a discount and leverage additional Bitcoin purchases. This aggressive growth strategy signals the company’s long-term commitment to cryptocurrency as a corporate reserve asset.
Strive, which currently manages $2 billion in assets, has been a vocal advocate for corporate Bitcoin adoption, having previously pushed GameStop to add Bitcoin to its treasury reserves. The company relocated to Texas in November and announced plans to integrate Bitcoin into “standard portfolios of everyday Americans.”
The merged company’s ownership structure will see Strive Enterprises holding approximately 94.2% while Asset Entities’ legacy shareholders retain 5.8%. Following the announcement, Bitcoin’s price rose 2%, climbing above $97,000.
“We are thrilled to be joining forces with Strive Asset Management to help pioneer the future of corporate Bitcoin treasury strategies,” said Arshia Sarkhani, President and CEO of Asset Entities.
Cole highlighted the pioneering nature of this corporate Bitcoin adoption strategy, noting that “less than 1% of public companies have adopted a Bitcoin treasury.” The merger remains subject to regulatory approval and customary closing conditions.
