First Bitcoin Treasury Merger Combines Crypto, Healthcare Innovation

Strive, Inc. (NASDAQ: ASST) has entered into a definitive agreement to acquire Semler Scientific, Inc. (NASDAQ: SMLR) in an all-stock transaction, marking the first merger of publicly traded Bitcoin treasury companies. The deal, approved by both boards of directors, involves exchanging each share of Semler Scientific for 21.05 Class A common shares of Strive, representing a 210% premium based on closing prices as of September 19, 2025. The combined entity will hold over 10,900 Bitcoin, including 5,816 newly acquired coins purchased for $675 million at an average price of $116,047 per Bitcoin. Strive’s total Bitcoin holdings now amount to 5,886, with Semler Scientific’s existing 5,000 BTC adding to the treasury.

The merger aims to create a scaled Bitcoin acquisition platform leveraging a “preferred equity only” leverage model, avoiding debt maturity risks. Strive’s management and board will retain leadership, with Semler Scientific’s Executive Chairman Eric Semler joining the combined board. The company plans to explore monetizing its diagnostics business, which focuses on early detection of chronic diseases, while expanding into preventative care and wellness. This dual strategy combines financial growth with mission-driven healthcare innovation.

Strive’s acquisition strategy aligns with its goal of outperforming Bitcoin over the long term through alpha-seeking capital allocation. “This merger cements Strive’s position as a top Bitcoin treasury company,” said Matt Cole, Strive’s Chairman and CEO. The transaction underscores growing consolidation in the crypto treasury sector, as companies like Semler Scientific face valuation pressures due to broader market declines.

The combined company will maintain sufficient cash reserves to support future perpetual preferred offerings and has no immediate plans to raise additional Bitcoin. Legal counsel for Strive includes Davis Polk & Wardwell LLP, while Goodwin Procter LLP advises Semler Scientific. Cantor Fitzgerald and LionTree Advisors served as financial advisors. Closing conditions include regulatory approvals and customary closing requirements, with no material impediments currently identified.

Forward-looking statements in the announcement, such as expectations of outperforming Bitcoin or realizing strategic benefits, are subject to risks, including market volatility, regulatory changes, and integration challenges. The combined entity’s success will depend on executing its treasury and healthcare strategies effectively, with Bitcoin’s price trajectory and operational performance critical to long-term value creation.

Source: [1] Strive, Inc. and Semler Scientific, Inc. Announce Bitcoin Treasury Merger in All-Stock Transaction (https://www.globenewswire.com/news-release/2025/09/22/3153902/0/en/Strive-Inc-Nasdaq-ASST-and-Semler-Scientific-Inc-Nasdaq-SMLR-Announce-Bitcoin-Treasury-Merger-in-All-Stock-Transaction.html) [2] Strive to Buy Semler Scientific in First Merger of Bitcoin Treasury Companies (https://www.coindesk.com/markets/2025/09/22/strive-to-buy-semler-scientific-in-first-merger-of-bitcoin-treasury-companies)