Strive to Acquire Semler Scientific in Landmark Bitcoin Treasury Merger – 22/9/2025

Strive Asset Management (ASST) has agreed to acquire Semler Scientific (SMLR) in an all-stock transaction, marking the first major consolidation among bitcoin treasury companies. The combined entity will hold nearly 11,000 BTC.

Under the terms of the deal, each Semler share will be exchanged for 21.05 Strive shares, representing a 210% premium, or $90.52 per share, based on Friday’s closing price. Semler Executive Chairman Eric Semler will join the board of the merged company.

Strive also disclosed the purchase of 5,816 BTC for $675 million at an average price of $116,047 per coin. When combined with Semler’s roughly 5,000 BTC holdings, the new entity’s treasury will exceed 10,900 bitcoin.

The merger follows weeks of heavy pressure on crypto treasury stocks, with Semler shares trading below the value of its bitcoin reserves, effectively pricing its medical equipment business at a discount. The summer correction in the crypto treasury sector has left multiple companies in similar positions.

“This merger cements Strive’s position as a top Bitcoin treasury company,” said Matt Cole, Strive’s chairman and CEO. “We believe our alpha-seeking strategies and capital structure will allow us to outperform bitcoin over the long run.”

Following the announcement, ASST shares rose 9.3% in pre-market trading to $4.71. SMLR last closed at $29.18 on Friday and has yet to trade since the news broke.