In recent years, a growing number of companies have raced to turn their balance sheets into Bitcoin (BTCUSD) treasuries, hoping to tap into the digital-asset boom and appeal to crypto-savvy investors. While major corporations like Strategy (MSTR) have led the charge, smaller players are now positioning themselves as lean, specialized alternatives.

One emerging contender is Asset Entities (ASST), which is going to merge with entrepreneur and politician Vivek Ramaswamy’s Strive Asset Management to pioneer a pure-play Bitcoin treasury business. Recently, the two firms announced a reverse merger and secured $750 million in PIPE financing.

Under the combined strategy, ASST plans to acquire cash-rich, undervalued biotech firms, buying their balance-sheet cash at a discount, and redeploying that capital into Bitcoin. The goal is to build “alpha-generating” accumulation strategies that outperform a simple Bitcoin holding, backed by an additional $750 million in potential warrant proceeds.

For investors looking beyond the usual large-cap crypto bets, ASST offers a unique way to play Bitcoin’s next leg up through a specialized, cash-leveraged vehicle.

About ASST Stock

Founded in 2020, Asset Entities is a specialized asset management firm delivering innovative solutions for corporate and individual clients. The company has a market cap of $112 million.

After performing flat in the first half of 2025, shares of Asset Entities skyrocketed in early May, climbing more than 1,200% over the past month on news of its merger with Strive Asset Management. However, the stock still trades about 43% below its 52-week high near $13, leaving room for investors to potentially enter at a decent price.

Financial Health

Asset Entities generated $170,749 in revenue in the first quarter, primarily from paid Discord subscriptions, such as OptionsSwing and TikTok-linked communities. Management aims for about $1 million in total revenue for 2025, but that’s small compared to the company’s costs. Asset Entities lost $6.4 million in 2024 and another $1.62 million in Q1 2025, showing it remains unprofitable. 

By the end of Q1 2025, it had $4.21 million in cash and $4.99 million in total assets. 

Merging to Form a Bitcoin Treasury Company

Asset Entities is merging with Strive Asset Management to become the “first publicly traded asset management Bitcoin treasury company.” The new company, led by Strive CEO Matt Cole, will focus on building a large Bitcoin reserve. It will offer stock in exchange for Bitcoin, buy cash-rich companies at a discount, and purchase cheap Bitcoin-related assets like Mt. Gox claims. It also plans to buy crypto loans at discounted prices. 

To fund these moves, the company raised $750 million and could raise $750 million more. Instead of making money through normal business sales, the company wants to grow its Bitcoin per share. The idea is that as Bitcoin gains value, shareholders benefit. The company hopes it will create long-term value by growing its Bitcoin holdings faster than Bitcoin itself rises.

The Bottom Line 

Vivek Ramaswamy’s Strive will turn Asset Entities into a dedicated Bitcoin treasury backed by $750 million in fresh funding. While the stock carries risk as it builds out its plan, its cash position and unique strategy offer investors direct Bitcoin exposure. If you’re comfortable with crypto volatility, ASST could be worth a try.