Bitcoin for Shares? Strive Asset Management Unveils Listing Plans, Treasury Strategy

Strive Asset Management, a financial services firm co-founded by Republican Ohio gubernatorial candidate Vivek Ramaswamy, unveiled plans on Wednesday to become a Bitcoin treasury company and list on the Nasdaq through a merger with Asset Entities.

Strive said in a press release that its merger with Asset Entities, a tech firm specializing in social media marketing and content delivery, will enable the Dallas, Texas-based firm to “build a Bitcoin war chest in a minimally dilutive manner to common shareholders.”

Before Strive’s merger with Asset Entities closes, accredited investors will be able to exchange Bitcoin for shares in the new company, which is set to operate under the Strive brand. The allocations are expected to be tax-free under Section 351 of the U.S. tax code, Strive added, claiming it’s the first time a firm has ever made such an offering.

Because Strive is set to go public through a reverse merger, as opposed to an initial public offering, or IPO, the company said that it will have greater freedom to raise capital. That includes the expansion of a shelf registration statement filed with the Securities and Exchange Commission, allowing the firm to raise $1 billion equity and debt offerings.

Asset Entities’ stock price surged 450% on Wednesday, hitting $3.39 per share by close, according to Yahoo Finance. The firm currently has a market capitalization of around $49 million.

Strive said it may pursue mergers in the future, targeting overcapitalized firms to acquire cash at a discount, and access leverage to accumulate more Bitcoin than it could otherwise.

The company’s strategy for acquiring Bitcoin mirrors Strategy, formerly MicroStrategy. In building up its own stockpile of roughly 555,500 Bitcoin, worth around $52 billion, the company has issued billions of dollars in convertible debt while selling swathes of common shares.

At Strategy World 2025, a conference hosted by Strategy, Strive CEO Matt Cole praised Michael Saylor, Strategy’s co-founder and executive chairman, for its “innovative” approach.

“It’s not about buying Bitcoin [and] diluting shareholders,” he said during a presentation on Wednesday. “You actually need to do it in a way that accretes value.”

Founded in 2022, Strive has $2 billion in assets under management. In November, before U.S. President Donald Trump’s White House win, the company said it would begin integrating Bitcoin into the “standard portfolios of everyday Americans” while moving to the Lone Star state.

Strive pushed GameStop to adopt Bitcoin as a treasury reserve asset before the video game retailer approved the move. Although GameStop has not purchased Bitcoin yet, Cole recently told Decrypt that Strive is still pushing for the firm to do so.

“It really is staggering how early that we are in this movement,” Cole said of companies adopting Bitcoin. “Less than 1% of public companies have adopted a Bitcoin treasury.”

Edited by James Rubin