USDStrive’s Semler Deal Creates a 12,800-Bitcoin Treasury as Shares Slide on Dilution Fears
Shareholder-Approved Merger Vaults Strive Into Top Corporate Bitcoin Holders
TL;DR
- Strive shareholders approved an all-stock acquisition of Semler Scientific, adding over 5,000 BTC to its treasury.
- Combined Bitcoin holdings will reach about 12,800 BTC, ranking Strive among the world’s largest corporate holders.
- Strive shares fell roughly 12% after approval, as investors reacted to dilution concerns and a reverse stock split.
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Strive has secured shareholder approval to acquire Semler Scientific in an all-stock transaction that significantly expands its Bitcoin treasury, marking one of the most aggressive balance-sheet moves by a U.S. public company in early 2026. The vote, finalized on January 13, clears the path for Strive to absorb Semler’s Bitcoin holdings and operating business under a single corporate structure.
The acquisition transfers 5,048.1 Bitcoin from Semler to Strive, instantly transforming the combined entity’s balance sheet. Prior to the deal, Strive already held about 7,749.8 Bitcoin. Once the transaction closes, total holdings are expected to reach approximately 12,798 Bitcoin, placing Strive as the 11th-largest corporate Bitcoin holder globally, ahead of several high-profile public companies.
Strive also disclosed an additional treasury purchase of 123 Bitcoin at an average price of $91,561 per coin, representing roughly $11.3 million including fees. Management framed the move as part of a long-term treasury strategy that prioritizes Bitcoin accumulation and yield generation rather than short-term trading or conventional asset management.
Market reaction was swift and negative. Strive’s shares fell about 12% following confirmation of the shareholder vote, while Semler Scientific’s stock also declined. The sell-off reflected investor unease over dilution tied to the all-stock structure, compounded by the announcement of a 1-for-20 reverse stock split introduced alongside the merger.
Despite the stock pullback, Strive executives emphasized the strategic importance of the transaction. Chairman and CEO Matt Cole described the deal as the first acquisition of a publicly traded Bitcoin treasury company, arguing it demonstrates how corporate finance decisions change when Bitcoin becomes the primary performance benchmark.
Beyond Bitcoin accumulation, Strive plans to monetize Semler’s operating business and address its existing liabilities, including a $100 million convertible note and a $20 million loan secured through Coinbase. Management has indicated potential restructuring options, including preferred equity issuance, depending on market conditions.
The merger traces back to an agreement announced in September 2025, initially valued at roughly $675 million. Since then, Bitcoin price appreciation and additional purchases have increased the scale of the combined treasury, turning the deal into a landmark example of how public companies are using mergers to accelerate Bitcoin exposure rather than relying solely on open-market buys.
While short-term volatility remains a concern, particularly around share structure changes and Nasdaq listing requirements, the transaction cements Strive’s position as a company explicitly built around Bitcoin-centric capital allocation. For investors, the deal underscores a growing divide between market skepticism over dilution and a corporate strategy increasingly measured in satoshis rather than dollars.
This article has been refined and enhanced by ChatGPT.
