[SCHEDULE 13G/A] Asset Entities Inc. SEC Filing

Rhea-AI Filing Summary

Filing: SEC Form 4 for National Fuel Gas Co. (NFG).

Director Barbara M. Baumann received 518 shares of common stock on 07/01/2025 through the company’s 2009 Non-Employee Director Equity Compensation Plan at an implied grant price of $84.62, equating to roughly $43.8 k in market value. Her direct holdings rise to 20,278 shares; no shares were sold and no derivative positions are reported.

The transaction is a scheduled, non-discretionary equity grant rather than an open-market purchase, giving it limited signaling value for investors. However, it modestly increases insider ownership and maintains alignment between the board and shareholders. No other material financial or strategic information is contained in this filing.

Positive

• Increase in insider ownership: Director Baumann’s stake rises to 20,278 shares, marginally enhancing alignment with shareholders.

Negative

• Immaterial size and routine nature: The grant is scheduled, not an open-market buy, limiting its informational value for investors.

Insights

Securities Analyst

TL;DR: Routine director grant; negligible valuation impact.

The 518-share award is a standard quarterly equity grant, representing less than 0.001% of NFG’s outstanding shares. Because it is not an open-market purchase, it does not provide a strong bullish signal, nor does it indicate liquidity concerns. Insider ownership rises marginally, but the event is immaterial to earnings projections, cash flow, or capital structure. I view the filing as routine and non-impactful for the investment thesis.

Corporate Governance Expert

TL;DR: Grant maintains director-shareholder alignment; governance status quo.

Regular equity compensation for non-employee directors aligns incentives with long-term share performance and is consistent with best-practice governance guidelines. The absence of derivative positions and the direct ownership classification support transparency. No red flags arise, but the small size means the governance improvement is incremental.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

ASSET ENTITIES INC.

(Name of Issuer)

Class B Common Stock, $0.0001 par value per share

(Title of Class of Securities)

04541A204

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Asset Entities Holdings, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,250,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Arman Sarkhani

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 31,734.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 31,734.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,281,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Arshia Sarkhani

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 39,921.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 39,921.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,289,921.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.8 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Jackson Fairbanks

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 31,734.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 31,734.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,281,734.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Kyle Fairbanks

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 36,667.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 36,667.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,286,667.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Matthew Krueger

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,000.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 5,000.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,255,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 04541A204

1

Names of Reporting Persons

Michael Gaubert

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 20,567.00
6	Shared Voting Power 1,250,000.00
7	Sole Dispositive Power 20,567.00
8	Shared Dispositive Power 1,250,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,270,567.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.6 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ASSET ENTITIES INC.
(b)	Address of issuer's principal executive offices: 100 Crescent Ct, 7th Floor, Dallas, TX 75201
Item 2.
(a)	Name of person filing: This statement is being jointly filed by Asset Entities Holdings, LLC ("AEH"), Arman Sarkhani, Arshia Sarkhani, Jackson Fairbanks, Kyle Fairbanks, Matthew Krueger, and Michael Gaubert (each, a "Reporting Person").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each Reporting Person is 100 Crescent Ct, 7th Floor, Dallas, TX 75201.
(c)	Citizenship: AEH is a Texas limited liability company. Arman Sarkhani, Arshia Sarkhani, Jackson Fairbanks, Kyle Fairbanks, Matthew Krueger, and Michael Gaubert are citizens of the United States.
(d)	Title of class of securities: Class B Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 04541A204
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of the cover page for each Reporting Person. Consists of (i) the number of shares of Class B Common Stock that were beneficially owned as set forth on Rows (5) and (7) of the cover page for each Reporting Person, (ii) the 250,000 shares of Class B Common Stock held directly by AEH, which each Reporting Person is deemed to beneficially own, and (iii) the 1,000,000 shares of Class B Common Stock issuable upon conversion of the 1,000,000 shares of class A common stock, $0.0001 par value per share, of the Issuer ("Class A Common Stock"), held directly by AEH, which each Reporting Person is deemed to beneficially own. The Class A Common Stock will convert on a one-to-one basis into Class B Common Stock (i) at the option of the holder or (ii) automatically upon the transfer of the Class A Common Stock, except upon transfer to another holder of Class A Common Stock. As reported by the Issuer, the Issuer entered into an Agreement and Plan of Merger, dated as of May 6, 2025 (the "Original Merger Agreement"), with Alpha Merger Sub, LLC, an Ohio limited liability company and wholly-owned subsidiary of the Issuer ("Merger Sub"), Strive Enterprises, Inc., an Ohio corporation ("Strive"), and Strive Asset Management, LLC, an Ohio limited liability company and a wholly owned subsidiary of Strive ("Asset Management"). On June 27, 2025, as a result of Strive electing the Restructuring Election (as defined in Section 2.06 of the Original Merger Agreement), the Issuer entered into an Amended and Restated Agreement and Plan of Merger (the "A&R Merger Agreement") with Alpha Merger Sub, Inc., an Ohio corporation (formerly Alpha Merger Sub, LLC), and Strive, pursuant to which, Merger Sub will merge with and into Strive with Strive surviving the merger as a wholly owned subsidiary of the Issuer (the "Merger"). In connection with the Original Merger Agreement, Strive, AEH and Arshia Sarkhani entered into a Voting and Support Agreement, dated May 6, 2025 (the "Original Support Agreement"). On June 27, 2025, in connection with the A&R Merger Agreement, Strive, AEH and Arshia Sarkhani entered into an Amended and Restated Voting and Support Agreement, dated June 27, 2025 (the "A&R Support Agreement"). Pursuant to the A&R Support Agreement, AEH and Arshia Sarkhani have agreed, among other things, with respect to the voting securities of the Issuer that AEH and Arshia Sarkhani beneficially owned as of the date thereof or thereafter, to vote in favor of the Merger. The A&R Support Agreement will terminate on the earlier of (i) the Effective Time (as defined therein) or (ii) upon termination of the A&R Merger Agreement in accordance with its terms. By virtue of the A&R Support Agreement and the obligations and rights thereunder, AEH, Arshia Sarkhani, and Strive may be deemed to constitute a "group" for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended. Such a "group" would be deemed to beneficially own an aggregate of 1,289,921, or 7.8%, of the Issuer's outstanding shares of Class B Common Stock calculated pursuant to Rule 13d-3. The Reporting Persons expressly disclaim the formation of a group and beneficial ownership over any shares of Class A Common Stock or Class B Common Stock that they may be deemed to beneficially own solely by reason of the A&R Support Agreement. This Schedule 13G does not reflect any shares of common stock beneficially owned by Strive.
(b)	Percent of class: See Row 11 of the cover page for each Reporting Person. The denominator of the fraction from which this percentage is calculated is 16,624,395 shares of Class B Common Stock, which consists of (i) 15,624,395 shares of Class B Common Stock outstanding as of June 30, 2025, and (ii) the 1,000,000 shares of Class B Common Stock issuable upon conversion of the Class A Common Stock beneficially owned by this Reporting Person. The numerator of the fraction from which the percentage is calculated consists of (i) the number of shares of Class B Common Stock that were beneficially owned as set forth on Rows (5) and (7) of the cover page for each Reporting Person, (ii) the 250,000 shares of Class B Common Stock that were beneficially owned by each Reporting Person, and (iii) the 1,000,000 shares of Class B Common Stock issuable upon conversion of the Class A Common Stock that were beneficially owned by each Reporting Person.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of the cover page for each Reporting Person. The holders of Class A Common Stock are entitled to ten (10) votes for each share of Class A Common Stock held of record, and the holders of Class B Common Stock are entitled to one (1) vote for each share of Class B Common Stock held of record, on all matters submitted to a vote of the stockholders. The amount of voting power reflects the assumed prior conversion of the Class A Common Stock beneficially owned by each Reporting Person into Class B Common Stock.
	(ii) Shared power to vote or to direct the vote: See Row 6 of the cover page for each Reporting Person. Reflects (i) 1,000,000 shares of Class B Common Stock, issuable upon conversion of 1,000,000 shares of Class A Common Stock, held directly by AEH, which each Reporting Person is deemed to beneficially own, and (ii) 250,000 shares of Class B Common Stock held directly by AEH, which each Reporting Person is deemed to beneficially own. The Class A Common Stock will convert on a one-to-one basis into Class B Common Stock (i) at the option of the holder or (ii) automatically upon the transfer of the Class A Common Stock, except upon transfer to another holder of Class A Common Stock. The holders of Class A Common Stock are entitled to ten (10) votes for each share of Class A Common Stock held of record, and the holders of Class B Common Stock are entitled to one (1) vote for each share of Class B Common Stock held of record, on all matters submitted to a vote of the stockholders. The amount of voting power reflects the assumed prior conversion of the Class A Common Stock beneficially owned by each Reporting Person into Class B Common Stock.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of the cover page for each Reporting Person. Reflects (i) 1,000,000 shares of Class B Common Stock, issuable upon conversion of 1,000,000 shares of Class A Common Stock, held directly by AEH, which each Reporting Person is deemed to beneficially own, and (ii) 250,000 shares of Class B Common Stock held directly by AEH, which each Reporting Person is deemed to beneficially own. The Class A Common Stock will convert on a one-to-one basis into Class B Common Stock (i) at the option of the holder or (ii) automatically upon the transfer of the Class A Common Stock, except upon transfer to another holder of Class A Common Stock.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Item 2, which states the identity of the members of a group that may be deemed to have been constituted by virtue of the A&R Support Agreement and the obligations and rights thereunder. The Reporting Persons are filing this Schedule 13G pursuant to Section 240.13d-1(d). The Reporting Persons neither disclaim nor affirm the existence of a group among them. Each Reporting Person is a beneficial owner only of the securities reported by it on its cover page.
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Asset Entities Holdings, LLC

Signature:	/s/ Arshia Sarkhani
Name/Title:	Arshia Sarkhani/Manager
Date:	07/03/2025

Arman Sarkhani

Signature:	/s/ Arman Sarkhani
Name/Title:	Arman Sarkhani
Date:	07/03/2025

Arshia Sarkhani

Signature:	/s/ Arshia Sarkhani
Name/Title:	Arshia Sarkhani
Date:	07/03/2025

Jackson Fairbanks

Signature:	/s/ Jackson Fairbanks
Name/Title:	Jackson Fairbanks
Date:	07/03/2025

Kyle Fairbanks

Signature:	/s/ Kyle Fairbanks
Name/Title:	Kyle Fairbanks
Date:	07/03/2025

Matthew Krueger

Signature:	/s/ Matthew Krueger
Name/Title:	Matthew Krueger
Date:	07/03/2025

Michael Gaubert

Signature:	/s/ Michael Gaubert
Name/Title:	Michael Gaubert
Date:	07/03/2025

Comments accompanying signature: Joint Filing Agreement (previously filed on February 9, 2024)

FAQ

What did Director Barbara M. Baumann do according to the NFG Form 4?

She received 518 shares of National Fuel Gas common stock on 07/01/2025 via a quarterly equity grant.

At what price were the NFG shares granted to the director?

The implied grant price was $84.62 per share.

How many National Fuel Gas shares does the director now own?

Following the grant, Baumann directly owns 20,278 shares.

Did the Form 4 report any stock sales or derivative transactions?

No. The filing shows no dispositions and no derivative securities.

Is this insider transaction considered significant for NFG investors?

The grant is routine and small relative to NFG’s float, so it is not considered materially impactful to the investment thesis.