Strive has secured shareholder approval for its acquisition of Semler Scientific in an all-stock transaction, which will significantly increase the firm’s Bitcoin holdings, positioning it as the 11th largest corporate holder of Bitcoin globally. Despite the potential financial advantages, the market response has been lukewarm, with Strive’s stock (ASST) plummeting nearly 12% on the day following the announcement.
The acquisition process began with a voting period that started in late December 2025, leading up to a special meeting on January 13 where Semler Scientific shareholders ultimately voted in favor of the deal. This acquisition transfers ownership of 5,048.1 Bitcoin to Strive, amplifying the firm’s Bitcoin reserves to a total of approximately 12,797.9 Bitcoin, surpassing both Tesla and Trump Media & Technology Group in the ranking of corporate Bitcoin holders.
In a further demonstration of its commitment to expanding its cryptocurrency treasury, Strive disclosed a recent purchase of 123 Bitcoin at an average price of $91,561 each. This acquisition brings Strive’s standalone Bitcoin holdings to 7,749.8 Bitcoin. With the merger, the company is anticipated to solidify its standing as a major player in the cryptocurrency space, closely trailing CleanSpark, which holds 13,099 Bitcoin.
Strive’s CEO, Matt Cole, expressed optimism about the acquisition, stating that the Semler Scientific deal will bolster Strive’s Bitcoin strategy and enhance its yield generation, projecting a Bitcoin yield of over 15% for the first quarter of 2026. He underscored the strategic nature of the merger, highlighting the operational synergy it creates for both Strive and Semler shareholders.
Following the merger, Eric Semler, the Executive Chairman of Semler Scientific, is set to join Strive’s board of directors. Financial advisory roles have been assigned, with Cantor Fitzgerald advising Strive, while LionTree Advisors and Goodwin Procter serve Semler. Furthermore, Strive plans to explore options to monetize Semler’s operating businesses within the year and address its existing debt, which includes a $100 million convertible note and a $20 million loan from Coinbase, contingent on market conditions.
In a move to enhance the appeal of its shares to institutional investors, Strive’s board has also approved a 1-for-20 reverse stock split for its Class A and Class B common shares. While this strategy aims to streamline the company’s stock performance, it did not prevent ASST from seeing a notable decline post-announcement, closing at $0.97 on January 13. However, there was a modest recovery in pre-market trading, with a gain of over 2%.
Additionally, Strive finds itself grappling with substantial unrealized losses on its investments, with its standalone Bitcoin holdings currently valued at approximately $738.84 million. This reflects an unrealized loss of about 15.4%, translating to $135.2 million, based on prevailing market prices. As the company navigates these challenges, its strategic focus remains on leveraging the acquisition to enhance its position in the rapidly evolving Bitcoin landscape.
