Semler Scientific shareholders have reached a significant milestone by approving the company’s acquisition by Strive Inc., a deal that is structured as an all-stock transaction first unveiled last September. This merger is poised to elevate Strive to the rank of the 11th-largest publicly traded holder of Bitcoin, with a combined total of 12,797.9 BTC valued at approximately $1.1 billion.
However, the market reaction to this news has been decidedly negative, with shares of both companies experiencing steep declines. Strive’s stock, trading under the ticker ASST on the Nasdaq, has dropped nearly 13%, recently trading at around $0.96. Meanwhile, Semler Scientific shares, listed as SMLR, have witnessed an 11% decrease, hovering just above $20.
As part of its core business operations, Semler currently holds 5,048.1 Bitcoin in its corporate treasury. Alongside Strive’s existing 7,626 BTC, this strategic accumulation positions the merged entity above rivals such as Trump Media & Technology Group and Block, Inc., the payments company founded by Twitter’s Jack Dorsey.
In a move reflecting its aggressive stance in the cryptocurrency sector, Strive recently reported the acquisition of an additional 123 BTC at an average purchase price of $91,561. Despite Strive being listed as the 11th largest Bitcoin holder by Bitcoin Treasuries, the deal awaits formal closure before that status is official.
Historically, Semler Scientific carved a niche for itself within healthcare technology, known primarily for its innovative medical devices aimed at managing chronic diseases. Its flagship product, the QuantaFlo cardiovascular testing device, gained FDA approval and positioned the company as a notable player in medical diagnostics. Semler’s previous embrace of Bitcoin as a primary treasury reserve asset made it one of the early adopters in corporate America, following Strategy, which first made such a designation in 2020.
On the other hand, Strive was founded in 2022 by Vivek Ramaswamy and Anson Fredericks as an “anti-ESG” investment firm. It attracted a host of influential investors including PayPal and Palantir co-founder Peter Thiel, as well as hedge fund mogul Bill Ackman and Vice President JD Vance, securing $20 million in funding. Strive itself adopted Bitcoin as a treasury reserve asset in May of the previous year, shortly after its merger with Asset Entities. The announcement of the Semler acquisition came a few months later in September.
As the two companies pave the way for this merger, the market will be watching closely to see how the newly formed entity navigates the volatile cryptocurrency landscape alongside its traditional business roots in healthcare.
