The financing for Strive Asset Management and Asset Entities Inc. (Nasdaq: ASST) includes a private investment in public equity (PIPE) priced at $1.35 per share—a 121% premium to Asset Entities’ pre-merger announcement stock price—with potential additional proceeds of $750 million if warrants are exercised, bringing total funding to $1.5 billion.

The merged entity will operate debt-free post-transaction, preserving future leverage capacity. Strive CEO Matt Cole outlined plans to deploy “alpha-generating strategies” to outperform bitcoin’s baseline returns, diverging from traditional beta approaches.

These include acquiring biotech firms trading below net cash value, purchasing distressed bitcoin claims like Mt Gox holdings at discounts, and investing in discounted tranches of structured bitcoin credit vehicles. Cole emphasized that Strive’s model requires a “new valuation framework,” arguing most competitors rely on bitcoin’s price multiples rather than active strategies.

The company has partnered with 117 Partners LLC to access an estimated 75,000 BTC in distressed claim opportunities. A group of institutional investors and Strive’s management team participated in the PIPE, which is set to close alongside the firms’ merger.

The announcement on Tuesday explained that shareholder approvals and customary conditions remain pending. The merger positions Strive to compete in a sector dominated by passive bitcoin treasury holdings, betting on active tactics to drive growth.

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