Strive to Acquire Semler Scientific in All-Stock Bitcoin Treasury Merger

Strive to Acquire Semler Scientific in All-Stock Bitcoin Treasury Merger

On September 22, 2025, Strive, Inc. (Nasdaq: ASST), a Bitcoin-focused asset management firm co-founded by Vivek Ramaswamy, announced it has entered into a definitive agreement to acquire Semler Scientific, Inc. (Nasdaq: SMLR), a medical diagnostics company that recently repositioned itself as a corporate Bitcoin holder.

The all-stock transaction values Semler at $90.52 per share, a 210% premium to its September 19 closing price of $29.18. Each share of Semler common stock will convert into 21.05 shares of Strive Class A stock.

Upon closing, the combined company will hold over 10,900 BTC, valued at approximately $1.26 billion, making it one of the largest publicly traded Bitcoin treasuries. This includes Strive’s recent purchase of 5,816 BTC at an average price of $116,047 per coin, bringing its holdings to 5,886 BTC pre-merger. Semler currently holds around 5,014 BTC.

Strive will retain its current leadership, with Eric Semler, Executive Chairman of Semler, joining the combined company’s board. The firms share a strategy of using Bitcoin as a core treasury asset, rejecting traditional ESG mandates in favor of shareholder-focused capital allocation. Post-merger, Strive plans to explore monetizing or spinning off Semler’s diagnostics business and redirecting cash flows toward further Bitcoin accumulation and related innovations.

The transaction is subject to shareholder and regulatory approvals. Cantor Fitzgerald advised Strive, and LionTree Advisors advised Semler. Legal counsel includes Davis Polk & Wardwell for Strive and Goodwin Procter for Semler.

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