Bitcoin for Shares? Strive Asset Management Unveils Listing Plans, Treasury Strategy
Strive Asset Management plans to become a Bitcoin treasury company and list on Nasdaq through a merger with Asset Entities, a tech firm. The merger will allow Strive to build a Bitcoin reserve while minimizing dilution for shareholders. Accredited investors can exchange Bitcoin for shares in the new company, expected to be tax-free under Section 351 of the U.S. tax code. Strive's reverse merger approach provides greater capital-raising flexibility, including a $1 billion equity and debt offering. Asset Entities' stock surged 450% to $3.39 per share, with a market cap of approximately $49 million. Strive may pursue future mergers to acquire cash at discounts and increase Bitcoin holdings. The strategy is similar to that of Strategy, which has accumulated significant Bitcoin through convertible debt and share sales. Strive has $2 billion in assets under management and aims to integrate Bitcoin into standard portfolios for Americans. The firm previously encouraged GameStop to adopt Bitcoin as a treasury asset.
