Big news just hit the market. Strive, an asset management firm, is buying Semler Scientific, a medical device company. This deal marks the very first merger between two companies focused on holding Bitcoin in their treasuries. When the dust settles, the new combined company will control about 10,900 Bitcoins.
Strive, co-founded by Vivek Ramaswamy, has made it a point to boost Bitcoin holdings per share. Its ETF operating arm looks after more than $2 billion in assets. Semler Scientific, a leader in making medical devices, decided in 2024 to put Bitcoin at the center of its treasury strategy.
This merger is happening through a stock swap. It brings together two companies with Bitcoin treasuries, creating an entity with over $1.2 billion in Bitcoin on its books. This makes a clear statement about Bitcoin’s role in corporate finance.
Two Bitcoin Treasuries Become One
Under the deal, each common share of Semler Scientific, which trades on Nasdaq, will convert into 21.05 shares of Strive’s Class A stock. This offers Semler shareholders a 210% premium over Semler Scientific’s closing price on September 19, 2025. That works out to roughly $90.52 per share, according to an official announcement.
Strive also shared that it recently bought 5,816 Bitcoins. It paid an average of $116,047 for each, totaling $675 million. This purchase brings Strive’s total Bitcoin stash to 5,886. When you add Semler Scientific’s roughly 5,000 Bitcoins, the new company will hold more than 10,900 Bitcoins. This puts it among the largest corporate holders of the digital currency.
The merged company plans to look into selling or distributing Semler Scientific’s diagnostic business. This part of Semler has always made money. The focus will then shift to preventative diagnostics. Strive’s current management team and board will stay in place. Eric Semler, who is Semler Scientific’s executive chairman, will join the combined company’s board.
A Joint Strategy for Strive and Semler
Matt Cole, Strive’s President and CEO, said the merger “cements Strive’s position as a top Bitcoin treasury company.” Cole explained that Strive’s strategy uses only preferred shares. This helps avoid the risks often linked with using borrowed money. He believes this approach will help Bitcoin holdings per share grow faster than Bitcoin itself over time.
Eric Semler believes this deal “creates significant value for Semler Scientific shareholders.” He pointed out it offers a good premium and a direct stake in one of the most exciting Bitcoin strategies in public markets. Semler also noted the merger will help expand the medical diagnostics business. It will move towards a platform for preventive care and wellness, aimed at catching chronic diseases early.
Semler Scientific is well-known for QuantaFlo. This device is approved by the FDA for finding peripheral arterial disease. The company has been quick among public U.S. firms to use Bitcoin as a reserve asset. It used money from debt issues, stock sales, and everyday cash flow to do so.
Public Bitcoin Holders Face Market Pressure
This merger happens at a time when companies with cryptocurrency treasuries are facing pressure on their valuations. A report from The Block found that one in four Bitcoin treasury companies trade for less than the value of their Bitcoin holdings. This makes it harder for them to sell new shares profitably. This all-stock deal, which greatly boosts Bitcoin holdings, fits with market trends. It shows a move towards companies joining forces and making smart business moves.
Both companies’ boards of directors approved the deal unanimously. It still needs the usual closing steps, like getting approval from regulators. After the announcement on Monday, Strive’s shares (ASST) dropped 7% before recovering. Semler Scientific’s shares (SMLR) jumped more than 20% when the market opened, according to Google Finance data.
🚨💰 Historic Merger: Strive (Vivek Ramaswamy) acquires Semler Scientific
First merger between Bitcoin treasuries
Combined entity will have 10,900 BTC
All-stock deal subject to regulatory approvals pic.twitter.com/9PRNDWeLPB
— Diario฿itcoin (@Blaze Trends)