Strive Inc., the Bitcoin-focused asset management company backed by former U.S. presidential candidate Vivek Ramaswamy, announced it will acquire Semler Scientific in an all-stock deal worth around $1.3 billion, one of the largest corporate bitcoin holder consolidations yet.
The deal values Semler at $90.52 per share, a 210% premium to its last closing price before the announcement. Each Semler share will be exchanged for 21.05 Strive Class A shares. The deal was approved by both companies’ boards and is subject to customary closing conditions.
At the same time, Strive announced a massive new bitcoin purchase of 5,816 BTC for $675 million at $116,047 per coin. Before the buy, it had 69 BTC.
Adding these new holdings to the roughly 5,000 BTC held by Semler brings the company’s combined bitcoin treasury to over 10,900 bitcoin, making it one of the largest corporate bitcoin holders in the world.
Strive executives say the merger puts the company at the top of the growing list of bitcoin treasury companies. It will move the firm into 12th place among public companies with the largest bitcoin holdings, ahead of Hut 8.
“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 position us to outperform Bitcoin over the long run.”
Semler’s executive chairman, Eric Semler, will join the combined company’s board, with Strive’s management team still in place.
Semler Scientific is a health-tech company best known for its Quantaflo test, an FDA-cleared device that diagnoses peripheral arterial disease. But in 2024, Semler shifted its focus to bitcoin as its primary treasury reserve asset.
While its medical diagnostics business generated revenue, the company’s stock had been under pressure. Shares were trading below the value of its bitcoin holdings, effectively assigning negative value to its healthcare business.
“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,” Cole said.
Semler’s diagnostics business won’t go away overnight. There will be review options for the business, including monetization, distribution, or expansion into a broader preventative care platform.
The Strive-Semler deal is part of a broader trend in the market: the consolidation of bitcoin treasury companies. As bitcoin’s volatility squeezes balance sheets, smaller or weaker players often trade at a discount to the value of their digital assets. That makes them acquisition targets.
Industry insiders have been predicting this for a while.
For Strive, the Semler acquisition is the second deal in a busy year. The company went public earlier in 2025 via a reverse merger with Asset Entities and has since said it plans to grow aggressively through bitcoin acquisitions.
Last week, Strive also closed a small cash deal to buy MSTR True North Inc.
