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Former presidential candidate Vivek Ramaswamy’s asset management firm Strive Inc. will acquire Semler Scientific in an all-stock deal that will create the 11th-largest Bitcoin treasury firm.
The deal will give the combined company more than 10,900 Bitcoin, ranking it ahead of 12th-placed Hut 8 Mining Corp. and behind Tesla, Inc. in BitcoinTreasuries‘ ranking of the biggest corporate holders of BTC.
The transaction has been unanimously approved by the boards of directors of Strive and Semler Scientific, according to a joint statement.
🔥STRIVE ACQUIRES SEMLER – THE NEW ERA OF BITCOIN TREASURY COMPANIES🔥
Strive ($ASST) just swallowed Semler Scientific ($SMLR) using freshly minted shares as bait, walked away with a mountain of cheap Bitcoin, and left Wall Street clutching its pearls.
Watch as the deal math… pic.twitter.com/o3WiVTNUzY
— Adam Livingston (@AdamBLiv) September 22, 2025
Survival Of The Fittest
The merger may indicate the start of more consolidation among Bitcoin treasury firms, which have come under pressure from falling stock prices and a tumbling Bitcoin.
“Only those with long-term plans will survive,” Deng Chao, CEO of HashKey Capital, told CoinTelegraph recently, stressing that the sustainability of Bitcoin treasury firms depends on management discipline.
STRIVE ($ASST) UPDATES:
– Strive entered into a definitive agreement to acquire @SemlerSci ($SMLR) in an all-stock transaction.
– @Strive announced the purchase of 5,816 Bitcoin.
– The combined company will hold > 10,900 Bitcoin.
– @SemlerEric to join Strive board post close.
-…— Strive (@strive) September 22, 2025
Semler Scientific is a health tech company that decided to use Bitcoin as its main treasury reserve in 2024. Although Semler’s revenue fell by 43% over the last year, it still showed a net income of nearly $67 million. Semler shareholders will receive shares of Strive stock instead of cash in this deal.
Each Semler share will be exchanged for 21.05 shares of Strive’s Class A stock, which is a 210% premium over Semler’s share price before the merger was announced.
Combining forces:
Strive ($ASST) + Semler Scientific ($SMLR) = A more efficient Bitcoin accumulation machine pic.twitter.com/cZ7Oc4jCAp
— Strive (@strive) September 22, 2025
The merger comes at a time when more companies are becoming “Bitcoin treasurers,” publicly traded firms that invest in Bitcoin, typically using capital markets to raise funding.
Michael Saylor’s Strategy is the top corporate holder of Bitcoin while Tom Lee’s Bitmine Immersion Technologies is the top corporate holder of Ethereum, the biggest altcoin.
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