Strive Inc. Fell 5.06% Amid Intensifying Merger Scrutiny with Semler Scientific

Strive Inc. fell 5.0577% in pre-market trading on December 30, 2025, amid intensifying scrutiny over its proposed $21.68-per-share merger with Semler Scientific. The deal, initially offering a 210% premium to Semler shareholders, has lost 76% of its value due to declining revenue and operational challenges.

The merger faces strategic and financial headwinds. Semler’s healthcare segment reported a 43% revenue drop in Q2 2025, driven by CMS rate adjustments, while the combined entity’s Bitcoin treasury of 12,573 coins remains vulnerable to market volatility. Semler’s 37% workforce reduction and a $1.6 million retention program underscore operational fragility, raising questions about its ability to execute the merger’s promised synergies.

Shareholder approval for the deal is pending a January 13 vote, with the outcome hinging on Bitcoin price stability, healthcare revenue recovery, and effective cost restructuring. Analysts caution that the all-stock structure and Semler’s client concentration risks could further erode value, particularly as two key customers accounted for 60% of its Q3 2025 revenue.

Despite the uncertainty, some investors are eyeing potential catalysts for recovery in the second half of 2026, should regulatory and market conditions stabilize. However, no immediate turnaround signs have emerged, and the company remains under pressure to deliver actionable results.