Strive Expands Bitcoin Treasury with Semler Acquisition in Stock Deal

TLDR

• Strive acquires Semler Scientific in an all-stock transaction, creating a combined Bitcoin treasury of over 10,900 BTC.
• Each Semler share will convert into 21.05 Strive Class A shares, offering a 210% premium at the current market price.
• Strive recently added 5,816 BTC to its balance sheet, bringing its total holdings to 5,886 BTC valued at $675 million.
• Strive’s acquisition of Semler strengthens its position as a leading Bitcoin treasury in the U.S. public market.
• Strive’s management will retain control post-acquisition, while Semler’s executive chairman will join the combined board.

Strive has announced an all-stock acquisition of Semler Scientific, a deal that will create a combined Bitcoin treasury of 10,900 BTC. The boards of both companies have approved the transaction, which remains subject to customary closing conditions. This acquisition marks another significant step in Strive’s ongoing growth and commitment to Bitcoin as a core asset.

Strive to Expand Bitcoin Holdings Through Semler Deal

Under the terms of the deal, each Semler share will convert into 21.05 Strive Class A shares. This exchange offers a 210% premium based on the September 19 closing prices. Strive’s CEO, Vivek Ramaswamy, emphasized the firm’s “preferred-equity-only” leverage model, which is designed to avoid debt-maturity risks. He said the goal is to grow Bitcoin per share at a faster rate than the spot BTC price over time.

The acquisition is part of Strive’s strategy to scale its Bitcoin holdings. The company recently added 5,816 BTC to its balance sheet at an average price of $116,047. Strive’s total Bitcoin holdings now amount to 5,886 BTC, valued at roughly $675 million.

Deal Signals Shift in Digital Asset Treasury Trends

As a result of the Semler acquisition, Strive will control over 10,900 BTC. This number reflects the company’s growing footprint in the Bitcoin market. Semler has been an active player in Bitcoin adoption, accumulating more than 5,000 BTC by July 2025. By adding Semler’s Bitcoin holdings to its own, Strive strengthens its position as one of the largest Bitcoin treasuries among U.S. public companies.

Strive’s purchase and merger are indicative of a broader trend in digital asset treasury (DAT) companies. More than $20 billion has been invested in the digital asset market this year, signaling a shift toward execution and consolidation. Investors have focused on companies that can scale efficiently, such as Strive, which uses creative financing methods to accelerate Bitcoin acquisitions.

Following the completion of the deal, Strive’s management and board will remain in control of the combined company. Semler’s executive chairman, Eric Semler, will join the new board, contributing his expertise. Despite the strategic acquisition, Strive’s management is confident in their continued leadership role.

In response to the news, Strive’s shares on Nasdaq (ASST) fell over 7%. However, Semler’s stock surged by more than 20%. The market’s reaction reflects investor sentiment regarding Strive’s ability to execute its Bitcoin-focused strategy.

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