PANews reported on September 16th that according to The Block, Strive, which recently completed its merger with Nasdaq-listed Asset Entities, announced its board of directors and details of its Bitcoin accumulation strategy on Monday. The company raised $750 million in funding and has the option to raise up to $750 million more through warrants within the first 12 months. The company will raise its initial Bitcoin holdings of 69 Bitcoins, valued at approximately $7.9 million, under Section 351 of the Internal Revenue Code. As part of its shelf registration, Strive announced a $450 million over-the-counter offering and a $500 million share repurchase program, aiming to maintain balance sheet flexibility and increase the number of Bitcoins per share. The company qualifies as a Well-Known and Established Issuer (WKSI), allowing it to omit certain details from regulatory filings and maintain an equity-only capital structure. Similar to Strategy, Strive plans to utilize shelf registration to issue perpetual preferred stock securities, which will be used to purchase additional Bitcoins as an accretive asset, thereby increasing common shareholders' Bitcoin exposure.

Matt Cole will serve as CEO and Chairman of the Board. He will be joined by three senior executives from Strive, including Shirish Jajodia, Chief Financial Officer of Strategy, and Pierre Rochard, CEO of The Bitcoin Bond Company.