Strive acquires Semler: a 1.3 billion deal and 5,000 BTC in treasury

Strive Asset Management, the Texas financial company co-founded by Vivek Ramaswamy, announced on September 22, 2025, the acquisition of Semler Scientific in an all-stock transaction valued at 1.3 billion dollars – at $90.52 per share – confirming the data released by Reuters and the official statement. With the deal, Strive acquires 5,000 Bitcoin held by Semler, strengthening its corporate Bitcoin treasury and focusing on a growth strategy anchored in digital assets. In this context, the transaction marks a significant step for the group’s positioning.

According to the data collected from regulatory filings and Strive’s official statement, the transaction is indeed structured as an all-stock operation and involves the transfer of 5,000 BTC; on the same day, Strive also announced the purchase on the market of 5,816 BTC at an average price of approximately $116,047 per BTC (about 675 million dollars). Market analysts with whom we verified the information emphasize that the implied premium and the liquidity of the assets require further due diligence and clear treasury policies. Data and figures in this article are updated as of September 22, 2025.

In brief: the key numbers

• Structure: all-stock transaction
• Valuation: approximately 1.3 billion dollars, at $90.52 per share
• BTC transferred to Strive: 5,000
• Total expected BTC post-closure: approximately 10,900 – estimated value around 1.2 billion dollars, as also indicated by Yahoo Finance
• Recent purchases by Strive: 5,816 BTC (announced on September 22, 2025), purchased at an average price of ~116,047 $/BTC for a total value of approximately 675,000,000 $
• SMLR post-announcement: $32.28, with an +11% intraday (after a drop of about 35% from the peak reached at the beginning of February)
• Strive post-announcement: trading around $4 (with a 6% drop at the time of the announcement, but up +700% since the beginning of the year)
• Implied premium on Semler compared to market cap: approximately +210%

Initial Discrepancy: What Was Corrected

In the initial reports circulated in the media, there was talk of an “all-cash deal” and a transfer of 567 million dollars in Bitcoin. However, the most recent documentation – including the official statement from Strive and the regulatory filing – highlights that the transaction is entirely in stock and involves the transfer of 5,000 BTC. It should be noted that the initial unupdated versions have been replaced by the official data, also confirmed by Reuters Reuters, thus bringing consistency between communications and numbers.

Impact on Strive’s Treasury

With the closing of the transaction, Strive will hold a total of approximately 10,900 BTC, positioning itself among the largest public accumulators of Bitcoin. The operation integrates the 5,000 BTC from the deal with an additional 5,816 BTC recently purchased, increasing the direct exposure to an asset not correlated with traditional operational flows. Indeed, the larger allocation in BTC can promote diversification, but it also introduces a higher degree of volatility that could be reflected in the income statement and balance sheet.

Risks and Advantages of Bitcoin Treasury

• Upside: protection from inflation and potential appreciation of Bitcoin, considered a scarce asset.
• Balance sheet risk: the volatility of earnings and equity could increase.
• Market: there is a risk of a divergence, or a reconvergence, between the stock price and the NAV (net asset value).
• Discipline: it is essential to have clear treasury policies that define accumulation thresholds, selling methods, and any hedging mechanisms.

Analysts like Lance Vitanza (TD Cowen) and Matthew Sigel (VanEck) have highlighted how companies with exposure to Bitcoin can trade at a discount or premium relative to their NAV. That said, a more rigorous financial discipline setting tends to become essential.

Why It Matters for the Market

The operation reinforces the trend where companies from diverse sectors are using Bitcoin as a treasury reserve. In a context of high interest rates and the search for real yields, acquiring companies with BTC stock – even at a premium, as in the case of +210% – represents an alternative to direct market purchase. However, the sustainability of such multiples depends on execution and balance sheet choices in the medium term.

The premium paid by Strive highlights the competition for the so-called assets that integrate Bitcoin into the balance sheet; the market will have to demonstrate whether such a premium will reflect operational synergies and a long-term vision, or if it will simply represent a shortcut to increase the BTC allocation.

Accounting, Premium, and Relationship with NAV

• Purchase premium: the difference between the price paid and the fair value of the assets, including BTC, may generate goodwill and periodic adjustments.
• BTC Treatment (based on US GAAP): In many accounting practices, Bitcoin is classified as intangible assets subject to impairment; any regulatory updates could influence the balance sheet representation.
• NAV vs price: a greater presence of BTC on the balance sheet tends to make the stock price converge towards the asset value, while simultaneously increasing its sensitivity to market fluctuations.
• Liquidity: a high stock of BTC can serve as a reserve, but the need to quickly convert them into dollars exposes one to the risk of slippage and treasury constraints.

Essential Timeline

• Beginning of 2025: Semler announces the first purchases of Bitcoin.
• Spring 2025: Strive adopts Bitcoin as a treasury reserve, coinciding with a merger with Asset Entities.
• Summer 2025: analysts indicate the risk of securities trading near the NAV.
• September 22, 2025: Strive officially announces the acquisition of Semler Scientific through an all-stock transaction.

What to Watch in the Next Steps

• Final merger communications and documentation, with any suspensive conditions to be met at closing.
• Updated details on post-deal treasury policies, including limits for accumulation and thresholds for selling or hedging.
• Verification of the alignment between the stock price and the NAV on a pro-forma basis.
• Clarity on the accounting treatment of BTC in the first combined financial statement.

Conclusion

The acquisition of Semler Scientific by Strive redefines the scope of the corporate Bitcoin treasury in the public market. The choice, while increasing the potential for profit through digital assets, also involves greater risk and volatility. In this context, the operation reopens the debate on financial discipline, valuations, and liquidity management in companies that integrate Bitcoin into their balance sheets, highlighting how the convergence between digital assets and traditional accounting remains a central theme in the current financial landscape.