Strive Inc., an asset management firm that has transitioned into a Bitcoin treasury company under the leadership of former presidential candidate Vivek Ramaswamy, is set to acquire Semler Scientific. This strategic move positions the new entity as one of the most significant corporate holders of Bitcoin.
In a statement released on Monday, the two companies announced that the all-stock deal will provide Semler shareholders with Strive shares instead of cash. Each Semler share will be swapped for 21.05 Strive Class A shares, reflecting a 210% premium over Semler’s price prior to the announcement.
In conjunction with the merger, Strive noted it had acquired 5,816 Bitcoin (BTC) for approximately $675 million, bringing its total holdings to 5,886 BTC. Before this acquisition, Strive was a relatively small player in the Bitcoin treasury arena, holding only 70 BTC.
The merged company will now possess over 10,900 BTC, making it the 12th-largest public Bitcoin holder, surpassing companies like Hut 8 Mining, Block Inc., and Galaxy Digital, according to industry data.
Ramaswamy initially detailed Strive’s Bitcoin treasury approach in May, aligning with the company’s plans for a public offering via a reverse merger.
Semler Scientific, a health-tech firm that adopted Bitcoin as its chief treasury reserve asset in 2024, has gradually increased its holdings through various acquisitions. Its latest financial report presented mixed results, showing a 43% year-over-year revenue drop but a net income of $66.9 million.
Related: Semler Scientific aims for Bitcoin holdings of 105,000 BTC by 2027
Are Bitcoin treasury mergers signaling a new trend?
The Strive-Semler Scientific merger occurs in the context of increasing digital asset treasury firms, which have amassed billions in Bitcoin and, to a lesser extent, other cryptocurrencies like Ether (ETH) and Solana (SOL).
According to Standard Chartered, this acquisition may highlight a larger trend: compressed market net asset values (mNAVs) that can elevate financial risks and complicate expansion efforts.
For crypto treasurers, mNAV signifies the ratio of a company’s enterprise value to its digital asset holdings. When this ratio dips below 1, increasing reserves becomes more challenging and riskier, especially if financed through debt.
Standard Chartered indicated that industry consolidation is probable under these circumstances, with larger, more liquid companies better positioned to withstand turbulence and secure funding for acquisitions. If mNAVs remain low, the bank suggested that stronger firms might pursue weaker competitors.
HashKey Capital CEO Deng Chao recently warned that only cryptocurrency treasury firms with a long-term strategy will “survive any market,” stressing the importance of creating enduring value rather than pursuing immediate rewards.
“Digital assets themselves are not inherently unsustainable; it is their management that makes the difference,” Chao stated to Cointelegraph.
Related: Bitcoin mining stocks outperform BTC as investors pivot toward AI
