Strive to acquire Semler Scientific in an all-stock deal

The crypto space has a new major Bitcoin-related player after two companies, Strive and Semler Scientific, announced a merger and acquisition deal.

Specifically, Strive, a prominent asset management firm focused on Bitcoin treasury strategies, is acquiring Semler Scientific, a biotech company that was one of the first US public companies to adopt BTC as a treasury asset.

Strive makes blockbuster move

As announced on September 22, 2025, Strive has entered a definitive agreement to acquire Semler Scientific in an all-stock transaction. 

Strive, which manages over $2 billion in assets through its SEC-registered subsidiary Strive Asset Management, LLC, has aggressively expanded its Bitcoin exposure in recent months, and Semler Scientific is its latest move as it looks to scale further its Bitcoin treasury bet.

At the heart of this merger lies a strategic amplification of Bitcoin holdings.

Strive has bolstered its treasury by acquiring 5,816 BTC at an average price of $116,047 per coin.

The total outlay on the strategy is $675 million.

Meanwhile, the addition of Semler’s portfolio, which currently stands at over 5,000 BTC.

Notably, it bumps the company’s total bitcoin on the balance sheet to more than 10,000 BTC.

 “This merger cements Strive’s position as a top Bitcoin treasury company, and we believe our alpha-seeking strategies and capital structure position us to outperform Bitcoin over the long run. This transaction showcases how we can grow Bitcoin holdings and Bitcoin per share at an unmatched pace in the industry to drive equity value accretion,” Matt Cole, chairman and chief executive officer of Strive, said in a statement.

According to the press release, the boards of directors of both companies have given a nod to the all-stock deal,  with each share of Semler Scientific common stock set to be exchanged for 21.05 shares of Strive’s Class A common stock. 

This move aligns with Strive’s “preferred equity only” leverage model.

Importantly, the model eschews traditional debt to mitigate maturity risks and focuses on perpetual preferred offerings, which have the backing of ample cash reserves.

As Eric Semler, executive chairman of Semler Scientific, said, the deal will be of value to shareholders.

“We believe this merger creates significant value for our stockholders by delivering a substantial premium and direct participation in one of the most innovative Bitcoin strategies in the public markets…Just as importantly, this merger can drive shareholder value by expanding our medical diagnostics business into a robust preventative care and wellness platform focused on early detection of chronic disease.”

The deal comes as corporate adoption of digital assets accelerates, with Bitcoin companies on the rise in 2025 following Bitcoin’s bull run and Michael Saylor’s Strategy playbook.

Altcoins have also attracted such moves, including for Ethereum, Solana, BNB and XRP.

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