Asset manager Strive has finalized an agreement to acquire Bitcoin-centric Semler Scientific through a wholly equity-based transaction instead of cash.
According to the terms announced on September 22, each share of Semler Scientific will convert to 21.05 Strive Class A common shares, valuing each share at $90.52. This figure represents a premium exceeding 200% compared to its recent market valuation.
The merger lays out a dual-faceted approach for the future entity. Semler’s established diagnostic line may be directly monetized or spun off to provide returns to shareholders.
Simultaneously, leadership from Strive and Semler aims to expand the realm of preventative diagnostics, guided by a new management team overseeing the transition.
Current directors from Strive will remain on board, while Semler Scientific’s Executive Chairman Eric Semler will join the unified board.
Semler described the agreement as a means to ensure “direct participation in one of the most innovative Bitcoin strategies in the public markets,” highlighting the chance to transform the company’s diagnostic tools into a preventative care platform aimed at early chronic illness detection.
Bitcoin Treasury
With the acquisition news, Strive also revealed a significant balance-sheet action involving the purchase of 5,816 Bitcoin at an average price of $116,047, totaling $675 million, fees included.
This purchase increased Strive’s treasury to 5,886 BTC. Based on public data tracking, after the merger concludes, the combined entity is anticipated to manage over 10,900 BTC, positioning it among the 15 largest corporate Bitcoin treasuries globally.
Matt Cole, Chairman & CEO of Strive, stated:
“We believe our alpha-seeking strategies and capital structure position us to outperform Bitcoin over the long term. This transaction demonstrates how we can swiftly grow Bitcoin holdings and Bitcoin per share at an unparalleled pace in the industry to enhance equity value.”
These activities highlight Strive’s strategic vision as a Digital Asset Treasury operator. Earlier this year, the firm acquired Asset Entities, allowing it to rebrand as Strive and continue trading on Nasdaq.
At that point, executives characterized a model focused on trading equity for Bitcoin, which they claimed enhances tax efficiency, while acquiring companies rich in cash yet undervalued in equity markets.
