Strive Merges Bitcoin Treasury with Health Diagnostics to Hedge Volatility

Strive, Inc. (Nasdaq: ASST) has entered into a definitive agreement to acquire Semler Scientific, Inc. (Nasdaq: SMLR) in an all-stock transaction, marking the first major consolidation among publicly traded Bitcoin treasury companies. The deal, approved by both boards, involves exchanging 21.05 Strive Class A shares for each Semler share, representing a 210% premium based on pre-announcement trading prices of $29.18 for SMLR and $4.71 for ASST. This transaction values Semler at $90.52 per share, with the combined entity expected to control over 10,900 Bitcoin holdings after Strive’s additional purchase of 5,816 Bitcoin for $675 million at an average price of $116,047 per coin Strive, Inc.^[1]. Strive’s existing Bitcoin holdings of 5,886 BTC will now be consolidated with Semler’s 5,000 BTC, creating one of the largest corporate Bitcoin treasuries globally Coindesk^[2].

The merger aligns with a broader trend of corporate Bitcoin adoption, following strategies pioneered by companies like MicroStrategy. Strive’s management emphasized its "preferred equity only" capital structure, which avoids debt maturity risks and aims to accelerate Bitcoin per-share growth. This approach contrasts with debt-driven models used by competitors, positioning Strive as a lower-risk accumulator in volatile markets Bitcoin Magazine^[3]. Semler Scientific, known for its FDA-cleared QuantaFlo diagnostics system and early Bitcoin treasury adoption, will contribute its profitable healthcare operations to the combined entity. Post-merger plans include exploring monetization or distribution of Semler’s diagnostics business, potentially unlocking value for shareholders Fortune^[4].

Strive’s acquisition coincides with a challenging market environment for Bitcoin treasury companies. Semler’s stock had traded below its Bitcoin holdings’ value in recent weeks, reflecting broader sector struggles amid declining valuations. The 210% premium offered in the deal underscores investor appetite for strategic balance sheet restructurings. Strive’s CEO, Matt Cole, stated the merger would "cement its position as a top Bitcoin treasury company" and enable outperformance through alpha-seeking strategies and capital efficiency Yahoo Finance^[5]. Semler’s Executive Chairman, Eric Semler, highlighted the dual potential of combining Bitcoin accumulation with healthcare innovation to drive long-term value Reuters^[6].

The transaction’s financial mechanics include Strive’s $675 million Bitcoin purchase, funded through equity and existing reserves. The combined company will retain Strive’s management and board while integrating Semler’s leadership. Legal and financial advisors include Davis Polk & Wardwell LLP for Strive and LionTree Advisors for Semler, with Cantor Fitzgerald serving as Strive’s financial advisor Strive, Inc.^[7]. Closing conditions remain subject to standard regulatory and operational requirements, though the deal’s rapid execution—one week after Strive’s public listing—highlights the urgency to scale Bitcoin holdings Coindesk^[8].

Analysts note the merger reflects a strategic pivot in corporate Bitcoin strategies. By consolidating treasury assets and diversifying revenue streams through healthcare operations, the combined entity aims to mitigate risks associated with Bitcoin’s price volatility. The "preferred equity only" model further insulates the company from refinancing pressures, a critical advantage as interest rates remain elevated. This approach aligns with broader industry shifts, including Japan’s Metaplanet and Europe’s Blockchain Group adopting alternative capital structures to sustain Bitcoin accumulation Bitcoin Magazine^[9].

The deal’s implications extend beyond Bitcoin. Strive’s asset management arm, which oversees over $2 billion in ETFs, now gains a dual mandate to leverage Bitcoin’s market exposure while expanding into healthcare diagnostics. This hybrid model could redefine corporate value creation, blending traditional operating income with digital asset growth. As the sector matures, mergers like this may become standard, enabling rapid scaling and reducing competitive fragmentation Fortune^[10].