Strive's Debt-Free Strategy Positions It as Bitcoin Treasury Leader

Strive, Inc. (Nasdaq: ASST) has announced a strategic merger with Semler Scientific, Inc. (Nasdaq: SMLR) in an all-stock transaction, marking a significant expansion of its Bitcoin treasury holdings. The deal, valued at a 210% premium to Semler Scientific’s closing price of $29.18 per share, involves exchanging 21.05 Class A shares of Strive for each Semler share. The combined entity will hold over 10,900 Bitcoin, including 5,816 newly acquired coins purchased at $116,047 each, totaling $675 million in corporate treasury expansionStrive, Inc.^[1]. Strive’s total Bitcoin holdings now stand at 5,886, positioning it as one of the largest publicly traded corporate Bitcoin holdersBloomberg^[2].

The transaction, approved unanimously by both companies’ boards, is structured to avoid traditional debt financing. Instead, the combined entity plans to implement a “preferred equity only” leverage model, which management claims reduces liquidity risks by eliminating debt maturity pressuresStock Titan^[3]. This approach aligns with Strive’s long-term strategy of outperforming Bitcoin through alpha-seeking capital allocation and disciplined growth of Bitcoin per share. The merger also includes plans to explore monetizing or distributing Semler Scientific’s diagnostics business, which has historically generated profits, while expanding into preventative care and wellness platformsStrive, Inc.^[1].

Strive’s acquisition of Semler Scientific follows its recent reverse merger with Asset Entities Inc., a digital marketing firm, to establish its Bitcoin treasury operations. The company has since raised $750 million in private placement (PIPE) financing, with potential gross proceeds exceeding $1.5 billion if warrants are exercisedGlobeNewswire^[4]. This funding, coupled with the Semler merger, accelerates Strive’s goal of building a “Bitcoin war chest” through perpetual preferred equity offerings. The combined entity’s cash reserves are expected to support future financings, further amplifying its ability to scale Bitcoin holdingsStrive, Inc.^[1].

Executives from both companies highlighted the strategic rationale. Matt Cole, Strive’s CEO, emphasized the merger’s role in solidifying Strive’s position as a leading Bitcoin treasury firm, while Eric Semler, Semler Scientific’s Executive Chairman, noted the dual focus on financial strength and mission-driven healthcare growthStrive, Inc.^[1]. The transaction’s approval by shareholders of both companies underscores investor confidence in the combined entity’s ability to execute its Bitcoin-centric strategy. Legal and financial advisors for the deal include Davis Polk & Wardwell LLP, Goodwin Procter LLP, Cantor Fitzgerald, and LionTree AdvisorsStrive, Inc.^[1].

The merger reflects broader trends in the corporate Bitcoin adoption landscape. Semler Scientific, the second U.S. public company to adopt Bitcoin as a primary treasury reserve asset, previously faced challenges as its shares declined 46% in 2025 amid market volatilityBloomberg^[2]. Strive’s aggressive acquisition strategy contrasts with the struggles of other Bitcoin proxy firms, such as Japan’s Metaplanet Inc., which have seen share prices falter. By leveraging its asset management expertise—Strive’s subsidiary manages $2 billion in assets—the combined company aims to differentiate itself through operational scale and innovative capital structureStrive, Inc.^[1].

Closing of the merger remains subject to customary conditions, including Nasdaq listing approval. Investors are advised to monitor Strive’s and Semler Scientific’s SEC filings for updates. The transaction highlights the growing convergence of Bitcoin treasury strategies and traditional asset management, with Strive positioning itself at the forefront of this emerging sectorStrive, Inc.^[1].