Strive Inc. just made a major move in the corporate Bitcoin treasury space. The firm announced an all-stock acquisition of Semler Scientific, creating a combined platform with over 10,900 Bitcoin, valued at roughly $1.2 billion.
Strategic Bitcoin Accumulation
Ahead of the merger, Strive purchased 5,816 additional Bitcoin at an average price of $116,047 per token, bringing its pre-merger holdings to 5,886 BTC. The deal itself is valued at $675 million, with Semler shareholders receiving 21.05 Strive Class A shares per Semler share—a 210% premium based on September 19 closing prices. This sets the implied value for Semler shares at about $90.52 each.
Both boards unanimously approved the transaction, which remains subject to standard closing conditions. Post-merger, Strive’s management team and directors will stay on, while Semler Executive Chairman Eric Semler joins the combined board.
Positioning Strive as a Market Leader
“This merger cements Strive’s position as a top Bitcoin treasury company,” said Chairman and CEO Matt Cole. The combined entity will operate with a “preferred equity only” leverage model, intentionally avoiding debt maturities to reduce financial risk.
The companies also plan to explore monetizing Semler’s profitable diagnostics business separately, with a new management team expanding the preventative diagnostics mandate while keeping Bitcoin treasury management front and center.
Driving Long-Term Growth
Strive expects the merged company to become the fastest-growing corporate Bitcoin holder, leveraging alpha-seeking strategies to maximize per-share growth over time. By combining two leading Bitcoin treasury firms, the capital structure is designed to outperform Bitcoin itself across extended periods.
Semler’s Strategic Role
Semler Scientific was the second U.S. public company to adopt Bitcoin as its primary treasury reserve. Over time, it has accumulated tokens through equity raises, debt financing, and operational cash flows, positioning itself as a pioneer in corporate digital asset management.
Consolidation Trends in the Bitcoin Treasury Space
This acquisition highlights a growing consolidation trend in corporate Bitcoin treasury management. As premium valuations across the sector tighten, mergers like this allow companies to scale holdings, optimize capital structures, and strengthen market positioning.
For Strive, the deal is more than a merger—it’s a strategic play to dominate the Bitcoin corporate treasury ecosystem while unlocking growth in both digital assets and legacy business operations.
