Strive to Acquire Semler Scientific in Bitcoin Treasury Merger

Strive Inc., the asset manager turned Bitcoin treasury company led by former presidential candidate Vivek Ramaswamy, has agreed to acquire Semler Scientific — a move that positions the combined entity as one of the largest corporate holders of Bitcoin.

In a Monday announcement, the companies said the all-stock transaction will grant Semler shareholders Strive shares instead of cash. Each Semler share will be exchanged for 21.05 shares of Strive Class A stock, representing a 210% premium over Semler’s pre-deal price.

Alongside the merger, Strive disclosed it had purchased 5,816 Bitcoin (BTC) for about $675 million, boosting its total holdings to 5,886 BTC. Before the acquisition, Strive was a relatively minor player in the Bitcoin treasury space, with just 70 BTC on its books.

The combined company will now control more than 10,900 BTC, making it the 12th-largest public Bitcoin holder — ahead of Hut 8 Mining, Block Inc. and Galaxy Digital, according to industry data.

Source: Strive

Ramaswamy first outlined Strive’s Bitcoin treasury strategy in May, coinciding with the company’s plans to go public via a reverse merger.

Semler Scientific, a health-tech firm that adopted Bitcoin as its primary treasury reserve asset in 2024, has steadily built up its holdings through multiple purchases. Its most recent earnings report was mixed, showing a 43% year-over-year revenue decline but a net income of $66.9 million.

Bitcoin treasury mergers — the start of a trend?

The Strive–Semler Scientific merger comes amid the rise of digital asset treasury companies, which have accumulated billions of dollars in Bitcoin and, to a lesser extent, other cryptocurrencies such as Ether (ETH) and Solana (SOL).

According to Standard Chartered, the deal may also underscore a broader trend: compressed market net asset values (mNAVs), which can increase financial risks and make expansion more difficult.

For crypto treasurers, mNAV represents the ratio of a company’s enterprise value to its digital asset holdings. When this ratio falls below 1, expanding reserves becomes more difficult and riskier, particularly if funded through debt.

*The mNAV of digital asset treasury companies has compressed since June: Standard Chartered*

Standard Chartered recently noted that industry consolidation is likely under these conditions, with larger, more liquid players positioned to weather volatility and raise capital for acquisitions. If mNAVs remain depressed, the bank said, stronger companies could move to acquire weaker rivals.

HashKey Capital CEO Deng Chao recently cautioned that only crypto treasury companies with a long-term strategy will “survive any market,” emphasizing the importance of building lasting value rather than chasing short-term gains.

“Digital assets themselves are not inherently unsustainable; it is how they are managed that makes the difference,” Chao told Cointelegraph.