Strive Inc., the asset management firm transitioned to a Bitcoin treasury company by former presidential candidate Vivek Ramaswamy, has reached an agreement to acquire Semler Scientific — a strategic move that positions the new entity among the largest corporate Bitcoin holders.
In a Monday announcement, the companies revealed that the all-stock transaction will provide Semler shareholders with Strive shares instead of cash. Each Semler share will be exchanged for 21.05 shares of Strive Class A stock, reflecting a 210% premium over Semler’s pre-merger valuation.
As part of the merger, Strive disclosed its purchase of 5,816 Bitcoin (BTC) for approximately $675 million, raising its total holdings to 5,886 BTC. Prior to the acquisition, Strive was a smaller player in the Bitcoin treasury market, holding only 70 BTC.
The merged company will now manage over 10,900 BTC, making it the 12th-largest public Bitcoin holder — outpacing Hut 8 Mining, Block Inc., and Galaxy Digital, according to industry data.
Ramaswamy first presented Strive’s Bitcoin treasury strategy in May, coinciding with the company’s announcement of plans to go public through a reverse merger.
Semler Scientific, a health-tech organization that designated Bitcoin as its primary treasury reserve asset in 2024, has consistently increased its holdings through various purchases. Its latest earnings report showed mixed results, reflecting a 43% year-over-year decline in revenue but a net income of $66.9 million.
Related: Semler Scientific aims for Bitcoin holdings of 105,000 BTC by 2027
Bitcoin treasury mergers — a potential trend?
The Strive–Semler Scientific merger arrives alongside the growth of digital asset treasury companies that have amassed billions in Bitcoin, along with other cryptocurrencies such as Ether (ETH) and Solana (SOL).
According to Standard Chartered, the deal may highlight a broader trend of compressed market net asset values (mNAVs), which can elevate financial risks and complicate expansion efforts.
For crypto treasurers, mNAV indicates the proportion of a company’s enterprise value to its digital asset portfolio. When this ratio drops below 1, growing reserves becomes riskier, especially if financed through debt.
Standard Chartered recently pointed out that industry consolidation is likely under these circumstances, with larger entities being better positioned to endure volatility and secure capital for acquisitions. If mNAVs stay low, the bank suggested that stronger firms may take the opportunity to acquire weaker competitors.
HashKey Capital CEO Deng Chao recently warned that only crypto treasury companies with a long-term vision will “survive any market,” stressing the significance of creating lasting value over pursuing short-term gains.
“Digital assets themselves are not inherently unsustainable; it is the management that determines the outcome,” Chao told Cointelegraph.
Related: Bitcoin mining stocks outperform BTC as investors pivot towards AI
