The actions at the Marketing Asset Entities (ASSST) firm increased 52% in trade off time on Tuesday after their shareholders approved a fusion with the Strive companies of Vivek Ramasswamy to form a Bitcoin treasury company.
Assets entities said Tuesday that a “solid majority” of the shareholders voted for the merger with plans to raise $ 1.5 billion to buy Bitcoin (BTC). The new company will be renamed for Stive, Inc. and will continue to operate under the affection.
Asset Entities shares closed the negotiation on Tuesday with 17.8% to $ 6.28 and more than 52% were recovered after the schedules at $ 9.55 in the company’s merger announcement.
Matt Cole, the CEO of Stive Enterprise Subsidiary Stive Asset Management, will direct the combined company, while the CEO and president of the assets entities, Arshia Sarkhani, will serve as Marketing Director and Member of the Board.
It is not clear what paper will have Ramasswamy, co -founder of Stive, in the freshly merged company.
The new firm is the latest incorporation to the 186 public companies that report Bitcoin Buys on a large scale, which has grown up less than 100 at the beginning of the year and caused concerns of a supersaturated market.
Strive tries the reverse merger for Bitcoin purchases of $ 1.5 billion
The tendency of public companies for the purchase of cryptocurrencies has fed the recovery of the price of Bitcoin at $ 124,450 as companies take advantage of capital, convertible debt, perpetual shares and, more recently, fuses of acquisition of special purpose to finance their plans.
Stive opted for a reverse fusion structure, which is considered safer than the fastest rhythm SPAC, since it is based less on increases in speculative capital, dilution and uncertain deadlines.
Strive plans to finance your Bitcoin purchases of $ 1.5 billion with $ 750 million of a private investment in public capital (PIPA), plus another $ 750 million that could come from the Warrants year issued in the pipe.
The planned increase of $ 1.5 billion would allow the company to buy 13,450 bitcoin at current market prices, which puts it in the 10 largest corporate holders in Bitcoin.
The closure of the fusion depends on certain conditions, including the authorization of the Strive Listing application by Nasdaq Stock Market LLC.
Stive had his eyes on Mount Gox Bitcoin
When the fusion was announced in May, Stive said he was looking to acquire 75,000 bitcoin of claims linked to Crypto Exchange Mt. Gox collapse to buy the asset with a discount.
Strive said the strategy could help increase its bitcoin relationship per action, an increasingly used measure in Bitcoin’s treasure space.
However, a successful vote of shareholders is needed to pursue Mt. Gox’s claims.
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Strive has accumulated $ 2 billion in assets since it was launched in 2022 by Anson Frericks and Ramaswamy, a biotechnology entrepreneur who ran for president last year and postulates for Ohio governor next year.
Asset Entities is a social media marketing company that had no active participation in Bitcoin or the cryptographic industry before the fusion announced with Stive.
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