Semler Acquisitions and Bitcoin Treasuries Expansion in $1.34B All-Stock Deals

Strive Inc. announced on Monday that it will acquire Semler Scientific Inc. in an all-stock deal valued at approximately $1.34 billion, furthering Strive’s strategy to consolidate and expand its position in the bitcoin treasury sector. Under the terms of the agreement, Semler shareholders will receive 21.04 Class A common shares of Strive for each Semler share, implying a premium of more than 210% to Semler’s closing price last Friday.

The transaction marks a significant step for Strive, which was co-founded by former presidential candidate Vivek Ramaswamy and launched in 2022 with a mandate to accumulate bitcoin using corporate cash reserves. Post-merger, the combined company will hold over 10,900 bitcoin, including a commitment to purchase an additional 5,816 BTC for $675 million under a “preferred equity only” financing model. This accumulation strategy is intended to increase exposure to bitcoin as a scarce digital asset with potential for long-term value appreciation.

Financial advisors Cantor Fitzgerald and LionTree Advisors served Strive and Semler, respectively. Early trading saw Semler shares jump 8.3% while Strive shares declined by 8% amid investor focus on dilution and treasury growth metrics. Strive management articulated that future bitcoin purchases will be funded through preferred equity issuances, aiming to limit shareholder dilution by avoiding common equity financings.

Semler, a diversified healthcare company that operates a point-of-care test measuring arterial blood flow, will provide Strive with an immediate listing on Nasdaq, bypassing a traditional initial public offering. The combined entity will continue Semler’s medical device operations alongside a growing bitcoin treasury, leveraging Semler’s existing market infrastructure and reporting capabilities.

Industry observers noted that the deal reinforces a growing trend of public companies adopting bitcoin treasury strategies pioneered by MicroStrategy under Michael Saylor. Bitcoin’s price has outpaced the S&P 500 year-to-date, gaining over 20%, as regulatory clarity and ETF inflows have bolstered institutional confidence. Strive’s acquisition of Semler positions it to compete directly in the corporate treasury landscape, targeting diversified institutional investors seeking bitcoin exposure through publicly traded vehicles.

Strive’s leadership emphasized a long-term vision of bitcoin accumulation aligned with corporate treasury management, citing bitcoin’s fixed supply and growing demand as reasons for capital allocation. The firm’s board will oversee integration efforts, including the potential spin-off of non-bitcoin operations after a defined accumulation period. Management forecasts scaling the treasury to over 20,000 BTC within the next 24 months through accretive acquisitions and equity capital raises.

The transaction, approved unanimously by both companies’ boards, is expected to close in Q1 2026, subject to shareholder and regulatory approvals. Upon completion, the ticker symbol ASST will represent Strive Inc. on Nasdaq, with Semler’s SMLR ticker retired. Shareholders of the combined company will benefit from enhanced liquidity, diversified revenue streams, and exposure to one of the largest known corporate bitcoin treasuries globally.