Strive Inc., the Dallas-based investment firm co-founded by former U.S. presidential candidate Vivek Ramaswamy, has announced the all-stock acquisition of Semler Scientific Inc. in a deal valued at $90.52 per share—representing a remarkable 210% premium over Semler’s latest closing price. Once finalized, the merger will create a combined company holding nearly 11,000 Bitcoin, underscoring the growing trend of corporations embracing digital assets as part of their treasury strategy.
The move positions Strive among the most aggressive players in the corporate Bitcoin space, echoing the playbook pioneered by Michael Saylor’s Strategy Inc. But unlike the incremental purchases seen across the sector, Strive’s takeover of Semler marks one of the first major mergers between publicly listed, Bitcoin-focused firms—a sign of both maturation and mounting competition in this emerging niche.
“Strive’s merger agreement to acquire Semler Scientific just one week after becoming a public company shows a level of speed and execution not seen before in the Bitcoin treasury space,” said Matt Cole, Strive’s chairman and CEO.
Despite the bold step, market reaction was mixed. On Monday, Strive’s shares fell as much as 8.1% in early trading, while Semler’s stock initially spiked 24% before retreating. The deal comes at a time when enthusiasm for corporate Bitcoin adoption remains high, yet challenges persist. Companies like Japan’s Metaplanet Inc. have faced share-price declines and investor doubts over their ability to continue adding to crypto reserves amid volatile conditions.
Strive, which recently went public through a reverse merger with Asset Entities Inc., has indicated plans to “monetize” or eventually separate Semler’s core medical diagnostics business. The firm, founded in 2022 and backed by notable investors including Peter Thiel and Bill Ackman, was previously known for its exchange-traded funds such as the $1 billion Strive 500 ETF (ticker: STRV). Its pivot to Bitcoin reflects a broader ambition to challenge incumbents like BlackRock with alternative investment strategies.
Semler Scientific, a medical-device manufacturer, gained headlines in 2023 when it became one of the first public companies to adopt Bitcoin as its primary treasury reserve asset. The decision came amid steep revenue declines and falling stock performance, with executives arguing that Bitcoin represented the “best use of excess cash.”
The acquisition highlights both the promise and the risks of the Bitcoin treasury model. While firms are racing to build balance sheets anchored by digital assets, they are also navigating unpredictable markets, shifting investor sentiment, and the challenge of sustaining long-term strategies in a still-evolving space.
