Strive Shares Fall 12% After Semler Deal to Expand Bitcoin Treasury

Strive's shares dropped approximately 12% on Tuesday following the announcement of its all-stock acquisition of Semler Scientific, a move that significantly expands its Bitcoin holdings. The transaction adds 5,048.1 Bitcoin to Strive's existing treasury according to reports. Strive shareholders approved the acquisition, which will increase the company's total Bitcoin holdings to 12,797.9 BTC.

The acquisition ranks Strive as the 11th-largest publicly traded Bitcoin holder, according to BitcoinTreasuries.NET data. Semler Scientific's 5,048.1 BTC will be transferred to Strive once the deal is finalized. Strive also announced the purchase of an additional 123 Bitcoin at an average price of $91,561 per coin according to reports.

Strive plans to monetize Semler's operating business within 12 months and explore opportunities to retire the company's $100 million convertible note and $20 million loan from Coinbase. The merger includes a 1-for-20 reverse stock split of the combined company's Class A and Class B common shares as reported.

Why Did This Happen?

Strive's move to acquire Semler Scientific represents a strategic effort to increase its Bitcoin holdings. The acquisition aligns with the company's broader Bitcoin treasury strategy. By acquiring Semler Scientific, Strive gains a significant Bitcoin reserve without directly purchasing the asset.

The company's shares have experienced significant volatility since announcing its Bitcoin treasury strategy in May 2025. Shares surged from $0.61 to $13.01 before retracing to around $0.97.

How Did Markets React?

Strive's stock fell about 13% following the announcement of the Semler Scientific acquisition according to financial reports. The stock closed at $0.96 on Tuesday as reported. Semler Scientific's shares also declined, dropping about 11% to just above $20 per share.

The combined Bitcoin holdings of Strive and Semler Scientific are valued at $1.1 billion at current prices according to market data. The acquisition has not yet formally closed.

What Are Analysts Watching Next?

Analysts are watching how Strive will manage its expanded Bitcoin holdings and whether it will further grow its position. Strive's plans to monetize Semler's operating business and retire obligations could impact its financial position.

Strive's acquisition of Semler Scientific is seen as a significant milestone in corporate Bitcoin adoption. The move demonstrates a sophisticated approach to accumulating digital assets.

The company's strategy includes using preferred equity instruments like SATA to support debt retirement and further Bitcoin accumulation. Strive's November 2025 preferred equity IPO was more than twice oversubscribed.

The merger also aligns with a broader trend of public companies holding Bitcoin as a primary treasury asset. Strive and Semler Scientific are among the first public firms to anchor their balance sheets directly to Bitcoin.

With shareholder approval secured, the merger is now nearing completion. Strive is positioning itself not just as a holder of Bitcoin but as a company built around it.