Asset Entities to merge with Ramaswamy’s Strive and launch bitcoin treasury
Shares of the company skyrocketed on the announcement.
Asset Entities’ shareholders have approved a merger with Strive, founded by Vivek Ramaswamy, to launch a bitcoin treasury. Shares of Asset Entities jumped 145% in premarket trading on Wednesday and were up 50% as of 12:00 p.m. ET. The company expects to raise up to $1.5 billion from its PIPE deal if the warrants are exercised.
Meanwhile, bitcoin-native venture Nakamoto has invested $30 million in Metaplanet. This is Nakamoto’s “largest single investment to date and its first in an Asian public company with a bitcoin treasury strategy,” the company said in a press release.
The investment is part of Metaplanet’s recently announced international equity financing in its common stock. On Tuesday, the company announced it had upsized the offering to 385 million shares and raised $1.4 billion. Initially, the bitcoin treasury said it planned to raise up to $880 million by issuing up to 5 million new shares, according to a regulatory filing.
The bulk of the proceeds will be used to buy bitcoin. The company holds 20,136 bitcoin. Shares, which have been struggling — down 36.7% in the past month — jumped on the announcement.
In other bitcoin news:
UK-based The Smarter Web acquired 30 bitcoin and now holds 2,470 bitcoin, as part of its “10 Year Plan” strategy.
Bitcoin ETFs have continued to experience inflows, amassing $391.3 million, SoSoValue data shows.
Bitcoin miner Canaan announced it mined 98 bitcoin in August, a 10% month-over-month increase. The company now holds 1,547 bitcoin.
