Strive Acquires Semler Scientific in $90.52/Share All-Stock Deal, Forming 10,900+ Bitcoin Treasury

Strive Inc., co-founded by former U.S. presidential candidate Vivek Ramaswamy, has announced its acquisition of Semler Scientific Inc. in an all-stock transaction. The deal values Semler Scientific at an implied $90.52 per share, representing a substantial 210% premium over its previous closing price. This move signals a significant consolidation within the emerging sector of companies holding Bitcoin as a primary treasury asset.

The acquisition, announced on September 22, 2025, will merge two prominent "Bitcoin treasury" companies, creating an entity with a combined holding of over 10,900 Bitcoin. Juan Leon, an observer, noted on social media that "The DAT consolidation has begun," highlighting the trend of Digital Asset Treasury firms merging. Strive also disclosed a recent purchase of 5,816 Bitcoin for $675 million, at an average price of $116,047 per Bitcoin, bringing its pre-merger holdings to 5,886 BTC.

Semler Scientific, a medical technology company specializing in cardiovascular diagnostics, adopted Bitcoin as its primary treasury reserve asset in May 2024. The company has consistently added to its Bitcoin holdings, citing its belief in Bitcoin as a reliable store of value and a compelling investment. This strategy has positioned Semler as a leader among healthcare companies embracing digital assets.

The merger is an all-stock transaction, with each Semler Scientific share converting into 21.05 Strive Class A shares. Strive’s management and board of directors will remain in place, with Semler Scientific’s Executive Chairman, Eric Semler, expected to join the combined company’s board. This strategic alignment aims to accelerate the growth of Bitcoin per share, utilizing a "preferred-equity-only" leverage model to mitigate debt maturity risks.

Industry analysts suggest this acquisition marks a new phase of maturity for corporate Bitcoin adoption, moving beyond initial capital raises to strategic consolidation. The deal reflects a market where premiums over net crypto asset values have compressed, prompting companies to explore innovative structures like stock-for-stock tie-ups. The combined entity is poised to become one of the largest corporate Bitcoin holders globally, underscoring Bitcoin's increasing role in corporate finance.