Strive, Inc. announced that its shareholders have approved a deal to acquire Semler Scientific, Inc. The transaction will see Strive purchase Semler’s 5,048.1 Bitcoin and an additional 123 Bitcoin for a total of 12,797.9 Bitcoin, elevating the combined company to the 11th largest corporate Bitcoin holder after Tesla and Trump Media & Technology Group.
The acquisition is structured as an all‑stock transaction. Upon closing, Strive will own Semler’s operating business and its Bitcoin holdings, while new shares will be issued to Semler shareholders. Strive plans to monetize Semler’s operating business within 12 months, a move that will free cash to retire a $100 million convertible note and a $20 million loan from Coinbase. The deal also includes a 1‑for‑20 reverse stock split for Class A and Class B common stock, a step intended to bring the share price into a range that is more attractive to institutional investors.
Strive’s Bitcoin treasury strategy is a core pillar of its dual‑segment model. The company’s current Bitcoin holdings of 7,749.8 BTC will grow to 12,797.9 BTC after the acquisition, and management has set a target to raise the Bitcoin yield to over 15% in the first quarter of 2026. The transaction also expands Strive’s preferred‑equity financing platform, the SATA perpetual preferred equity instrument, which is backed by the company’s Bitcoin balance sheet and offers a unique risk profile to fixed‑income investors.
Matt Cole, Chairman and CEO of Strive, said the deal “demonstrates our commitment to leading the market in yield generation and to using Bitcoin as a hedge against inflation.” Jeff Walton, Chief Risk Officer, added that the SATA instrument “provides a differentiated risk‑return profile for investors, powered by a Bitcoin‑backed balance sheet.” Ben Werkman, Chief Investment Officer, noted that the reverse split “aligns the share price with institutional participation standards.” Eric Semler, Executive Chairman of Semler Scientific, will join Strive’s Board of Directors, bringing expertise in the company’s medical‑diagnostics segment.
Investors reacted cautiously to the announcement. While the acquisition signals a significant expansion of Strive’s Bitcoin treasury and a strategic shift toward monetizing its operating business, concerns about the reverse split and the company’s plan to retire substantial debt weighed on sentiment. The market’s tempered response reflects a focus on valuation and the potential impact of the transaction on Strive’s balance sheet and cash‑flow profile.
Semler Scientific’s Q3 2025 earnings report showed a strong earnings‑per‑share beat of $1.07 versus an expected –$0.14, driven by a 50% increase in unrealized gains on Bitcoin holdings. However, the company’s healthcare diagnostics segment experienced declining revenue, a trend that Strive will need to address as it integrates Semler’s operations. The acquisition therefore not only boosts Strive’s Bitcoin position but also presents an opportunity to streamline a segment that has faced headwinds, aligning with Strive’s broader strategy of focusing on high‑yield, low‑risk assets.
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