Strive Completes Semler Acquisition, Becomes 11th-Largest Public Bitcoin Holder

Strive Inc. has completed its acquisition of Semler Scientific Inc., a Nasdaq-listed firm with a significant Bitcoin treasury. The deal brings Strive's total Bitcoin holdings to approximately 12,797.9 BTC.

The combined company now ranks as the 11th-largest publicly traded corporate holder of Bitcoin, according to BitcoinTreasuries data. The acquisition consolidates two early Bitcoin adopters under one corporate balance sheet strategy.

Strive also announced leadership changes. Avik Roy was appointed as Chief Strategy Officer, and former Semler chairman Eric Semler joined Strive's board. The move aims to align the company's strategic direction with its new expanded Bitcoin holdings.

Why the Move Happened

The acquisition was driven by a desire to scale Strive's Bitcoin treasury holdings while also integrating Semler's healthcare technology operations. Management stated that Semler's operating business is not central to Strive's long-term plans.

Instead, the company expects to monetize the healthcare business and redeploy the capital into Bitcoin-related initiatives within the next 12 months.

Strive's strategy emphasizes using preferred equity over traditional debt financing to grow Bitcoin per share. This approach is consistent with the company's broader balance-sheet strategy.

How Markets Reacted

The deal triggered significant market volatility. Both Strive and Semler Scientific shares fell sharply on the news. Strive's stock closed at $0.97, down 12%, following the announcement.

Semler's shares also dropped by nearly 10%. Trading volumes surged for both companies as investors digested the implications of the all-stock deal.

Strive also executed a 1-for-20 reverse stock split to better align pricing with institutional investor expectations. The move is designed to improve stock liquidity and attract broader investor participation.

What Analysts Are Watching

Analysts are closely watching how Strive will manage its expanded Bitcoin holdings. The company is now among the top public corporate holders of the cryptocurrency, a status that could impact its stock valuation and investor perception.

The combined company is also under scrutiny for its plan to retire legacy obligations, including a $100 million convertible note and a $20 million loan from Coinbase. These steps are expected to reshape its balance sheet.

Strive's strategic shift raises questions about how other corporate Bitcoin treasury holders will respond. The acquisition could set a precedent for how companies expand their digital asset reserves through mergers rather than direct market purchases.

Avik Roy's new role as Chief Strategy Officer brings a blend of healthcare and financial expertise to the company. His background includes experience at J.P. Morgan and Bain Capital, where he focused on biotech and healthcare innovation.

With Semler's former chairman joining the board and Semler's former Bitcoin strategy director now managing Bitcoin strategy at Strive, the company is strengthening its internal expertise in both digital assets and healthcare operations .