Strive Inc. shares fell 5.35% as merger with Semler Scientific faces renewed investor concerns

Shares of Strive Inc. fell 5.35% in pre-market trading on December 31, 2025, signaling renewed investor concerns over its proposed merger with Semler Scientific. The decline followed mounting skepticism about the $21.68-per-share deal, which has faced operational and regulatory challenges since its announcement.

The transaction now faces heightened scrutiny amid Semler Scientific’s struggling healthcare segment. Second-quarter 2025 revenue in the sector dropped 43% due to CMS rate adjustments, while the combined entity’s 12,573 Bitcoin holdings remain exposed to volatile crypto markets. Operational fragility further clouds the deal’s viability, with Semler Scientific reducing its workforce by 37% and implementing a $1.6 million retention program to stabilize operations.

Shareholder approval for the merger is pending a January 13 vote, with analysts cautioning that the all-stock structure and Semler’s 60% client concentration risk could deepen value erosion. The deal’s success now hinges on Bitcoin price stability, healthcare revenue recovery, and effective cost restructuring. However, immediate turnaround signs remain absent, as the merged entity grapples with execution risks and market uncertainty.

While some investors eye potential 2026 recovery catalysts, the absence of near-term operational improvements has left the stock vulnerable to continued selling pressure. The path to shareholder approval appears precarious without demonstrable progress in addressing core financial and operational challenges.