Strive Inc., co-founded by former U.S. presidential candidate Vivek Ramaswamy, has entered into an all-stock agreement to acquire Semler Scientific Inc., a move that signals further consolidation within the realm of Bitcoin accumulators. This transaction, which values Semler at $90.52 per share—a substantial 210% premium over its previous closing price of $29.18—will result in the combined entity possessing nearly 11,000 Bitcoin.
In recent months, a surge in cryptocurrency prices has led to the emergence of numerous digital-asset treasury companies worldwide, many of which have adopted the acquisition strategy initially popularized by Michael Saylor’s Strategy Inc. Strive’s acquisition of Semler stands out as one of the first deals between publicly traded companies focused on Bitcoin accumulation, occurring just a week after Strive positioned itself as a Bitcoin proxy.
Matt Cole, Strive’s chairman and CEO, remarked on the speed and execution of the merger, noting that such a quick move in the Bitcoin treasury space is unprecedented. This merger reflects a growing trend among firms looking to strengthen their positions in the cryptocurrency market.
However, challenges are beginning to surface within the crypto treasury model. The market has seen sharp declines in shares of companies like Japan’s Metaplanet Inc., as the influx of new Bitcoin accumulators raises concerns about their ability to acquire digital tokens under favorable conditions. Following the announcement of the acquisition, Strive’s shares fell by as much as 8.1% in early New York trading, while Semler’s stock initially surged by as much as 24% before stabilizing.
Strive has outlined plans to potentially monetize or separate Semler’s diagnostics unit in the future. The Dallas-based firm recently became public through a reverse merger with digital marketing company Asset Entities Inc. It aims to establish a substantial Bitcoin treasury, branded as a “war chest.”
Before its announcement focused on Bitcoin, Strive was primarily recognized for its asset-management initiatives, which include managing several exchange-traded funds, such as the $1 billion Strive 500 ETF, which centers on major U.S. stocks. Founded in 2022, Strive received backing from high-profile investors like Peter Thiel and Bill Ackman and positioned itself as a counterforce to investment behemoths like BlackRock Inc. Ramaswamy stepped down as executive chairman earlier this year, as indicated on the firm’s website.
Semler, known for manufacturing medical devices, had previously adopted Bitcoin as its primary treasury reserve asset last year. The firm’s board determined that acquiring Bitcoin represented the most effective use of excess cash, indicating a strategic approach toward integrating digital assets into traditional business models.
