Strive Merges with Semler to Outperform Bitcoin via Healthcare Diversification

Strive, Inc. (Nasdaq: ASST) has entered into a definitive agreement to acquire Semler Scientific, Inc. (Nasdaq: SMLR) in an all-stock transaction, marking a strategic consolidation of two publicly traded Bitcoin treasury companies. The deal, which represents a 210% premium based on the closing prices of both companies on September 19, 2025, values Semler Scientific shares at $90.52 apiece. Under the terms, each Semler Scientific common share will convert to 21.05 Class A common shares of Strive. The transaction, approved by both boards, remains subject to customary closing conditionsStrive, Inc. and Semler Scientific, Inc. Announce Bitcoin Treasury Merger^[1].

The merger significantly expands Strive’s Bitcoin holdings. Strive announced the purchase of 5,816 Bitcoin for $675 million, averaging $116,047 per Bitcoin, raising its total holdings to 5,886. Combined with Semler Scientific’s existing 5,000 Bitcoin, the merged entity will hold over 10,900 Bitcoin, positioning it among the top 15 corporate Bitcoin holders globallyStrive to Buy Semler Scientific in Merger of Bitcoin Treasuries^[2]. This acquisition aligns with Strive’s strategy to leverage a “preferred equity only” leverage model, avoiding traditional debt risks while pursuing long-term outperformance of Bitcoin’s price.

Beyond Bitcoin, the merger aims to monetize Semler Scientific’s diagnostics business, which has historically generated profitability. The combined company plans to expand into preventative diagnostics, focusing on early detection of chronic diseases and wellness initiatives. This dual approach—combining Bitcoin accumulation with healthcare innovation—reflects a broader effort to diversify revenue streams while maintaining a strong capital structureStrive and Semler Scientific to Merge in All-Stock Deal^[3].

Strive’s management and board will retain leadership of the merged entity, with Semler Scientific’s Executive Chairman Eric Semler joining the board post-closing. Matt Cole, Strive’s CEO, emphasized the merger’s role in accelerating Bitcoin per share growth, stating that the combined company’s capital structure and alpha-seeking strategies position it to outperform Bitcoin over the long term. Eric Semler highlighted the transaction’s value for shareholders, citing the premium and the potential for mission-driven growth in healthcare diagnosticsStrive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc.^[4].

The deal underscores a growing trend in the Bitcoin treasury sector, where companies are consolidating to scale holdings and optimize capital efficiency. Strive’s recent merger with Asset Entities Inc. in August 2025 to form its Bitcoin treasury further illustrates its aggressive strategy. The combined entity’s $1.2 billion in assets under management through its ETFs and its focus on institutional-grade Bitcoin strategies highlight its ambition to lead the sectorStrive to Buy Semler Scientific in First Merger of Bitcoin Treasury Companies^[5].

Legal and financial advisors for the transaction include Davis Polk & Wardwell LLP and Goodwin Procter LLP for Strive and Semler Scientific, respectively, while Cantor Fitzgerald and LionTree Advisors provided financial guidance. The merger’s closing is expected to proceed following regulatory and shareholder approvalsStrive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc.^[6].