Strive Acquires Semler Scientific in $90.52 per Share Deal

Strive acquires Semler Scientific in a deal valued at $90.52 per share, more than triple Semler’s last closing price of $29.18. The all-stock transaction creates one of the largest Bitcoin-holding companies, with nearly 11,000 Bitcoin under its control. This deal marks a new stage of consolidation among corporate Bitcoin treasuries and shows how quickly the sector is evolving.

Why Strive Moved Quickly

Strive, co-founded by former U.S. presidential candidate Vivek Ramaswamy, has been moving at remarkable speed. Just one week after it became a Bitcoin proxy, it struck this merger agreement with Semler. According to CEO Matt Cole, the move highlights Strive’s ability to execute fast and position itself as a leader in the Bitcoin treasury race.

Semler, once focused on medical devices, became one of the first public companies to adopt Bitcoin as its main treasury reserve. Its leadership concluded that buying Bitcoin was the best use of extra cash, setting it apart from its peers.

Market Reactions Show Volatility

Although Strive acquires Semler Scientific at a significant premium, investor reactions were mixed. Strive’s shares dropped as much as 8.1% in early New York trading, while Semler stock jumped 24% before giving up most of those gains. This contrast shows the volatility in the crypto treasury sector, even when big deals take place.

At the same time, cracks are starting to show in the broader Bitcoin treasury wave. Companies such as Japan’s Metaplanet have seen share prices slump as new entrants flood the market. Many smaller firms have copied Michael Saylor’s strategy but now struggle to fund token purchases on attractive terms.

Plans for Semler’s Diagnostics Unit

Strive not only gains Semler’s Bitcoin holdings but also its diagnostics business. The company revealed plans to possibly sell or separate this unit in the future. Such a move would allow Strive to focus more sharply on its growing Bitcoin reserves and financial services goals.

Before shifting toward Bitcoin, Strive was known for its asset-management work. It manages several exchange-traded funds, including the $1 billion Strive 500 ETF, which tracks large U.S. companies. Backed by billionaire investors such as Peter Thiel and Bill Ackman, Strive entered the market in 2022 and quickly gained attention.

Semler’s Financial Struggles Before the Deal

Semler’s path to this deal was not smooth. In August, the company reported a 43% drop in second-quarter revenue compared to the previous year. Its stock had already fallen 46% in 2024 before Strive stepped in. For Semler, joining forces with Strive offered a way to strengthen its position and align its future with Bitcoin growth.

The Larger Race for Bitcoin Treasuries

The wave of companies adopting Bitcoin as a reserve asset continues to expand. Yet the rush has created new risks. Many firms have rebranded overnight as Bitcoin accumulators, but only those with strong financial backing may survive. Strive acquires Semler Scientific as one of the first major consolidations in this space, signaling that the market may move toward fewer but stronger players.

Conclusion

Strive acquires Semler Scientific in a high-premium deal, creating one of the largest corporate Bitcoin treasuries. This bold step shows the growing importance of Bitcoin in corporate strategy. However, with cracks already visible in the treasury model, Strive must prove that it can balance its aggressive Bitcoin strategy with sustainable business growth.

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