Strive, Inc. · NASDAQ:ASST
Strive — Asset Entities — Merger or Acquisition (May 2025)
33 slides from Strive's merger presentation, May 7, 2025
Slide 1: Strive Asset Management
/ 7 STRIVE ASSET MANAGEMENT May 2025
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
2 Cautionary Statement Regarding Forward - Looking Statements Certain statements herein and the documents incorporated herein by reference may constitute “forward - looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 19
Slide 3: Executive Summary
EXECUTIVE SUMMARY 3 Strive Asset Management (“SAM”) is combining with Asset Entities (NASDAQ: ASST) to form a Bitcoin Treasury Company publicly t rad ed on the NASDAQ. Strive Asset Management - as the first publicly traded asset management Bitcoin Treasury Company - will be able to implement proprie
Slide 4: Focused Executive Team & Board of Directors
FOCUSED EXECUTIVE TEAM & BOARD OF DIRECTORS 4 MATT COLE - Chief Executive Officer & Chairman of the Board As CEO, Matt is spearheading Strive Asset Management’s evolution into a premier Bitcoin Treasury Corporation, dedicated to ma xim izing Bitcoin holdings per share and positioning Bitcoin as the
Slide 5: Table of Contents
Table of Contents Strive Asset Management Overview Bitcoin is the Hurdle Rate Transaction Details 1 2 3 5
Slide 6: Strive Asset Management Overview
STRIVE ASSET MANAGEMENT OVERVIEW 6
Slide 7: Our Mission & Vision
OUR MISSION & VISION Our core mission is to maximize value to shareholders – both of Strive Asset Management and of our ETFs – through the unapologetic embrace of capitalism, meritocracy, and innovation. Strive Asset Management believes the best current opportunity to maximize long - run value for c
Slide 8: We Unapologetically Maximize Value for Shareholders
Strive Asset Management is the solution to Blackrock, State Street, and Vanguard’s: • $20 trillion position in public companies (collectively owning more than 20% of the S&P 500), abusing their power to “force” staggering political, social, and cultural change and “behaviors” on corporations. • Usin
Slide 9: Our Corporate Governance Refocuses Companies on Maximizing Shareholder Value
OUR CORPORATE GOVERNANCE REFOCUSES COMPANIES ON MAXIMIZING SHAREHOLDER VALUE 9 Asset managers have a fiduciary duty to prioritize shareholder value in voting and engagement as a steward of client funds. Unlike the Big 3, we fulfill our fiduciary duty to prioritize shareholder value over stakeholder
Slide 10: Our Stewardship Drives Corporate Change
OUR STEWARDSHIP DRIVES CORPORATE CHANGE SAM has successfully rolled back agendas that put stakeholders ahead of shareholders and is already driving corporate Bitcoin adoption. 10 “Advanced Micro Devices, Motorola and Regions Financial are among a dozen companies that have removed diversity criteria
Slide 11: Our Leadership Commands Respect in Capital Markets
OUR LEADERSHIP COMMANDS RESPECT IN CAPITAL MARKETS SAM’s broad retail appeal and stewardship expertise has pushed corporations to refocus on returns, building our brand as a leading voice in the fight for capitalism. We are now using the same playbook to push corporations to adopt Bitcoin treasuries
Slide 12: Leveraging a Competitive Direct-to-Consumer Channel
LEVERAGING A COMPETITIVE DIRECT - TO - CONSUMER CHANNEL 12 Asset Entities has carved out a unique social - media stronghold for investors, cultivating tight - knit communities across Discord, TikTok, and other emerging channels. We plan to take the next wave of Bitcoin education to a new generation
Slide 13: Strive Asset Management's Nationwide Reach
Confidential 13 The Strive Pooled Employer Plan (PEP) gives businesses of all sizes the ability to offer our products to their employees in their 401(k) through target date and target risk funds 401(k) We offer 11 passive equity ETFs with a shareholder first corporate governance differentiator and 2
Slide 14: SAM's ETF Growth Exceeds Other Successful ETF Franchises
SAM’s ETF GROWTH EXCEEDS OTHER SUCCESSFUL ETF FRANCHISES 14 $- $5.0 B $10.0 B $15.0 B $20.0 B $25.0 B Aug-22 Nov-22 Feb-23 May-23 Aug-23 Nov-23 Feb-24 May-24 Aug-24 Nov-24 Feb-25 May-25 Aug-25 Nov-25 Feb-26 May-26 Aug-26 Nov-26 Feb-27 May-27 Aug-27 Nov-27 Feb-28 May-28 SAM vs Successful ETF Franchis
Slide 15: Asset Management: An Ideal Company for Bitcoin Treasury
ASSET MANAGEMENT: AN IDEAL COMPANY FOR BITCOIN TREASURY An Asset Manager can leverage institutional expertise to unlock Bitcoin’s full potential as a BTC Treasury Company. 15 In - house expertise to manage Bitcoin exposure and deploy sophisticated acquisition strategies. Non - Bitcoin dependent recu
Slide 16: Bitcoin Is the Hurdle Rate
BITCOIN IS THE HURDLE RATE STRIVE
Slide 17: The Hurdle Rate for Capital Deployment Is Bitcoin
THE HURDLE ௗ RATE FOR CAPITAL DEPLOYMENT IS BITCOIN 17 “In today's environment of increasing capital scarcity and rising interest rates, businesses and institutions must rigorously evaluate their internal investments against a meaningful hurdle rate. Bitcoin, as a fixed supply asset, is emerging pre
Slide 18: Bitcoin Is 'Perfect Money'
BITCOIN IS ‘PERFECT MONEY’ See Principles of Bitcoin: Technology, Economics Politics and Philosophy Scarcity Absolute scarcity, capped at 21 million coins with a predetermined issuance rate, ensures its value as a digital commodity, immune to demand - driven supply increases unlike gold or fiat. Por
Slide 19: What Fiat's 'Price Stability' Looks Like
WHAT FIAT’S “PRICE STABILITY” LOOKS LIKE -200% 0% 200% 400% 600% 800% 1000% 1200% 1400% 1600% 1800% 1971 1976 1981 1986 1991 1996 2001 2006 2011 2016 2021 $405k +1,534% 170 oz. - 72% Home prices since leaving the gold standard Home prices over the last 10 years 19 Since 1971, the dollar’s erosion ha
Slide 20: It's Early Days for Corporate Bitcoin Adoption
IT'S EARLY DAYS FOR CORPORATE BITCOIN ADOPTION (3.0) (2.8) (2.6) (2.4) (2.2) (2.0) (1.8) (1.6) (1.4) (1.2) (1.0) (0.8) (0.6) (0.4) (0.2) 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 Law of Diffusion of Innovation Standard Deviations Early movers stand to benefit the most by adopti
Slide 21: Positioning for the Future with Bitcoin
POSITIONING FOR THE FUTURE WITH BITCOIN Rising institutional momentum, long - term value creation, and the current world environment are converging around Bitcoin, setting the asset up for price appreciation. 21 AI Disruption Bitcoin reserves hedge risk and enable smart capital deployment. Global De
Slide 22: Bitcoin – Capital to Prepare for AI Disruption
BITCOIN – CAPITAL TO PREPARE FOR AI DISRUPTION 22 No business model is safe, not even AI companies themselves. When old corporate moats dry up, capital becomes the moat. Historically, capital - rich companies outperform in times of turbulence, deploying capital while others fail: • The Great Depress
Slide 23: Bitcoin Is the Best Performing Asset of the Past Years
BITCOIN IS THE BEST PERFORMING ASSET FOR 8 OF THE PAST 10 YEARS 23
Slide 24: Bitcoin Has a Low Correlation to Other Asset Classes
BITCOIN HAS A LOW CORRELATION TO OTHER ASSET CLASSES Bitcoin is only 29% correlated to U.S. large - cap equities historically. 24 E.M. Equity Int’l Equity Hedge Funds Real Estate US Mid Cap Equity US Small Cap Equity US Cash US Bonds US Large Cap Equity Gold 0.13 0.15 0.44 0.21 0.29 0.31 0.01 0.03 0
Slide 25: Bitcoin Exposure Increases Risk-Adjusted Returns
BITCOIN EXPOSURE INCREASES RISK - ADJUSTED RETURNS Graph illustrates hypothetical risk - adjusted corporate treasury portfolio returns with and without Bitcoin based on historical efficient frontier analysis. 25 Source: Strive Asset Management; data source: Bloomberg Portfolios includes treasuries,
Slide 26: Institutional Investor Bitcoin Interest Is Heating Up
INSTITUTIONAL INVESTOR BITCOIN INTEREST IS HEATING UP 26 Source: CNBC. 1. Data as of 4/22/25 per Coinbase. Bitcoin from an Institutional Lens 1. De - dollarization Trade • Hedge against a weak US dollar, reducing reliance on dollar - denominated assets. • Anticipated lower global trade in dollars bo
Slide 27: The Ultimate Success Story: Strategy
Cumulative Capital Raised to Acquire Bitcoin (billions) (2) THE ULTIMATE SUCCESS STORY: STRATEGY 27 $37.3 $34.8 $27.2 $9.1 $7.5 $6.7 $5.2 $4.0 $3.9 $3.6 $3.4 $3.3 $3.3 $3.3 $3.1 $2.5 $2.1 $1.7 $0.6 $0.0 Source: Strategy public filings through May 5, 2025. Note: Strategy recently raised a $21.0 billi
Slide 28: Transaction Details
TRANSACTION DETAILS STRIVE
Slide 29: Transaction Summary: Strive Asset Management & Asset Entities Merger
TRANSACTION SUMMARY: STRIVE ASSET MANAGEMENT & ASSET ENTITIES MERGER 29 Strive Enterprises, Inc. and Asset Entities Inc. (NASDAQ: ASST) have signed a Business Combination Agreement where Strive Ass et Management, LLC will combine with ASST to become a publicly traded Bitcoin Treasury Company and ret
Slide 30: Going Public Via Reverse Merger Allows Immediate Bitcoin Accumulation
Illustrative Future Purchases $- $50,000 $100,000 $150,000 $200,000 $250,000 Jan 2020 Jul 2020 Jan 2021 Jul 2021 Jan 2022 Jul 2022 Jan 2023 Jul 2023 Jan 2024 Jul 2024 Jan 2025 Jul 2025 Jan 2026 Jul 2026 Potential Future Acquisitions* Historical Bitcoin Price Strive Asset Management Going Public Via
Slide 31: BTC Exchanged for a BTC Treasury Company – Tax Free
BTC EXCHANGED FOR A BTC TREASURY COMPANY – TAX FREE 31 SAM and ASST combination is intended to qualify as tax - free under Section 351 of the Code. This creates a potential opportunity for Bitcoin holders to participate in a tax - free transaction and defer their capital gains tax.
Slide 32: How Our Section 351 Bitcoin-to-Stock Exchange Works
HOW OUR SECTION 351 BITCOIN - TO - STOCK EXCHANGE WORKS 32 Bitcoin Holder Expresses Interest in SAM’s One - Time Section 351 Exchange • Investors interested in participating in the 351 exchange can express interest at www.strive.com/351 (access via QR code to the right). • SAM will evaluate interest
Slide 33: Our Bitcoin Treasury Strategy Is Differentiated
OUR BITCOIN TREASURY STRATEGY IS DIFFERENTIATED 33 Why: Steady recurring revenue, low headcount operations that scale efficiently, powerful corporate Bitcoin advocacy, and in - house expertise to deploy a sophisticated Bitcoin treasury strategy. An asset manager makes for an ideal Bitcoin Treasury C