Strive’s $675M Bitcoin Purchase and Semler Merger Create 10,900 BTC Treasury Giant

Market Reshaping Deal Highlights Premium Valuation and Treasury Consolidation

TL;DR

• Strive agrees to acquire Semler Scientific in all-stock transaction at 210% premium.
• Combined firm’s bitcoin treasury is set to surpass 10,900 BTC once finalized, among largest corporate holdings.
• Deal reflects market shift from raising capital to consolidation as premiums compress.

Strive, the Bitcoin treasury company co-founded by Vivek Ramaswamy, revealed an all-stock agreement to acquire Semler Scientific, creating a combined entity that would control more than 10,900 BTC on its balance sheet. The boards of both firms approved the deal, which is subject to customary closing conditions, and the announcement places Strive and Semler among the most prominent corporate bitcoin accumulators in the U.S.

Transaction terms show each Semler share converting into 21.05 Strive Class A shares, implying a premium of 210% at roughly $90.52 per Semler share based on September 19 closing prices. Strive described the approach as a “preferred-equity-only” leverage model designed to avoid debt-maturity risk, while projecting that its bitcoin-per-share growth will outpace spot BTC over time.

Alongside the merger, Strive disclosed it purchased 5,816 bitcoin for $675 million at an average price of $116,047, raising its own holdings to 5,886 BTC. Semler, which has built one of the fastest-growing corporate treasuries this year through a mix of equity, debt, and operating cash flow, already held over 5,000 BTC as of July. Eric Semler, the company’s executive chairman, will join the combined board, while Strive’s management team and directors retain operational control.

The agreement arrives during a year in which more than $20 billion has already flowed into digital asset treasury companies, a trend now tilting toward execution and consolidation rather than capital raising. With premiums over net crypto asset value tightening, treasuries face limited room to finance additional purchases with equity alone, leading to creative structures such as PIPEs, preferred stock, and stock-for-stock mergers. Roughly one-quarter of publicly listed bitcoin treasury firms currently trade below their BTC holdings’ value, underscoring why strategies that boost bitcoin-per-share without excessive dilution are gaining traction.

Market reaction reflected the contrasting outlooks for both firms. Strive’s Nasdaq-listed shares (ASST) fell more than 7% on the news, while Semler’s stock (SMLR) surged over 20% the same day, according to Yahoo Finance data. Investors continue to track the combined firm’s coin market cap impact closely, as the scale of its crypto price index positioning could influence how other treasuries structure deals in an increasingly competitive landscape.

This article has been refined and enhanced by ChatGPT.