Strive’s approach of eliminating debt establishes it as a frontrunner in Bitcoin treasury management

Strive, Inc. (Nasdaq: ASST) revealed a strategic all-stock merger with

, Inc. (Nasdaq: SMLR), significantly increasing its reserves. The agreement, which values Semler Scientific at a 210% premium to its most recent $29.18 closing price, will see every Semler share exchanged for 21.05 shares of Strive Class A stock. Together, the merged company will control more than 10,900 Bitcoin, including 5,816 coins acquired at $116,047 each, expanding the corporate treasury by $675 million Strive, Inc. [ 1 ]. Strive now holds a total of 5,886 Bitcoin, placing it among the largest publicly traded Bitcoin-holding corporations Bloomberg [ 2 ].

The deal, which received unanimous approval from both boards, avoids conventional debt financing. Instead, the combined company intends to use a leverage model based solely on preferred equity, which management believes lessens liquidity risk by removing the need to repay maturing debts Stock Titan [ 3 ]. This strategy supports Strive’s long-term approach of seeking to outperform Bitcoin by focusing on alpha-generating investments and steadily growing its Bitcoin per share. Additionally, the merger will consider monetizing or divesting Semler Scientific’s profitable diagnostics unit, while also expanding into wellness and preventative healthcare Strive, Inc. [ 1 ].

Strive’s acquisition of Semler Scientific comes after a reverse merger with Asset Entities Inc., a digital marketing company, to establish its Bitcoin treasury operations. Since then, Strive has secured $750 million through a private placement (PIPE), with gross proceeds potentially surpassing $1.5 billion if all warrants are exercised GlobeNewswire [ 4 ]. This capital, coupled with the Semler merger, accelerates Strive’s ambition to build a substantial “Bitcoin war chest” via ongoing preferred equity offerings. The combined company’s liquidity is expected to facilitate further fundraising and bolster its Bitcoin accumulation strategy Strive, Inc. [ 1 ].

Leaders from both organizations stressed the merger’s strategic benefits. Matt Cole, CEO of Strive, highlighted how the deal strengthens Strive’s standing as a premier Bitcoin treasury manager, while Eric Semler, Executive Chairman of Semler Scientific, pointed out the combined entity’s emphasis on financial resilience and growth within the healthcare sector Strive, Inc. [ 1 ]. The dual shareholder approvals underscore investor support for the company’s Bitcoin-focused strategy. Legal and financial counsel for the transaction includes Davis Polk & Wardwell LLP, Goodwin Procter LLP, Cantor Fitzgerald, and LionTree Advisors Strive, Inc. [ 1 ].

This merger exemplifies the broader movement among corporations adopting Bitcoin for their treasuries. Semler Scientific, the second American publicly traded company to make Bitcoin its main reserve asset, previously encountered challenges as its stock fell 46% in 2025 amid market turbulence Bloomberg [ 2 ]. Strive’s assertive acquisition strategy sets it apart from other Bitcoin-related firms, such as Metaplanet Inc. in Japan, which have experienced declining share prices. Leveraging its asset management capacity—Strive’s subsidiary oversees $2 billion in assets—the merged firm aims to distinguish itself through operational scale and creative approaches to capital structure Strive, Inc. [ 1 ].

The completion of the merger is still pending standard approvals, including a green light from Nasdaq. Investors are encouraged to follow SEC filings from both Strive and Semler Scientific for the latest updates. This deal demonstrates the increasing convergence between Bitcoin-focused treasury strategies and traditional asset management, with Strive positioning itself as a leader in this emerging sector Strive, Inc. [ 1 ].