Strive, Inc. (Nasdaq: ASST) announced on September 19, 2025, that it will acquire Semler Scientific, Inc. (Nasdaq: SMLR) in an all-stock merger. The deal has been approved by the boards of both firms and is subject to normal closing conditions.
Each Semler share will be exchanged for 21.05 Strive Class A shares, giving Semler holders a value of about $90.52 per share. That price represents a premium of around 210% compared with Semler’s last closing price.
As per the announcement, Strive also stated that it had bought 5,816 Bitcoin at an average price of $116,047 for a total of $675 million, including fees. This brings Strive’s total holdings to 5,886 Bitcoin, according to Bitcoin Treasury.
After the merger is complete, the combined company expects to hold more than 10,900 Bitcoin, along with enough cash to support future financings.
The firm also said it will follow a preferred equity model instead of traditional debt financing. Leaders believe this approach avoids risks from debt maturities while supporting rapid growth in Bitcoin reserves.
“This merger cements Strive’s position as a top Bitcoin treasury company, and we believe our alpha-seeking strategies and capital structure position us to outperform Bitcoin over the long run. This transaction showcases how we can grow Bitcoin holdings and Bitcoin per share at an unmatched pace in the industry to drive equity value accretion,” said Matt Cole, Chairman and CEO of Strive.
In addition to this, Eric Semler, Executive Chairman of Semler Scientific, will join the board of the merged company. He said the merger creates strong value for shareholders by giving them a premium and direct access to a leading Bitcoin strategy. He also noted the deal supports Semler’s goal of growing its diagnostics business into a broader preventative care platform.
Semler Scientific is known for its QuantaFlo device used to detect peripheral arterial disease. The merged company stated that it may explore monetizing or expanding this business as part of a preventative health plan.
Notably, Financial advisors for the deal include Cantor Fitzgerald for Strive and LionTree Advisors for Semler. Davis Polk & Wardwell LLP is serving as Strive’s legal counsel, while Goodwin Procter LLP is representing Semler.
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