Strive, Inc. announced that shareholders of Semler Scientific, Inc. approved an all-stock acquisition, a deal that will transfer 5,048.1 Bitcoin to Strive’s balance sheet. The deal makes the new company one of the biggest corporate holders of Bitcoin, ahead of Tesla and Trump Media & Technology Group.
Shareholders approve all-stock transaction
Under the approved acquisition, Strive will acquire Semler Scientific’s 5,048.1 BTC. Strive also purchased an additional 123 Bitcoin for its corporate treasury at an average price of $91,561 per coin, for a total outlay of $11,264,000 including fees and expenses. This purchase brings Strive’s standalone holdings to 7,749.8 Bitcoin. Upon completion of the Semler Scientific acquisition, the combined company will hold 12,797.9 Bitcoin.
“I’m proud of the execution the Strive team has delivered for our shareholders, making history towards completing the first acquisition of a publicly traded Bitcoin treasury company,” said Matt Cole, Chairman & CEO of Strive. “The Semler Scientific deal will continue Strive’s leading yield generation since inception of our Bitcoin strategy, boosting our 2026 1st quarter Bitcoin yield to over 15%, and is a win for both Strive and Semler Scientific shareholders. We are showing the market how to execute with Bitcoin as your hurdle rate.”
The transaction represents one of the first instances where a public company built around a Bitcoin treasury strategy acquires another firm primarily for its digital assets.
Post-acquisition strategy and financial plans
Strive plans to monetize Semler Scientific’s operating business within 12 months of closing, subject to market conditions. The company also intends to explore options to retire Semler Scientific’s $100 million convertible note and $20 million Coinbase loan. Future leverage will rely on preferred equity rather than traditional debt.
Strive’s preferred equity instrument, SATA, will continue to play a central role in its capital strategy. Following a November 2025 IPO, which was more than two times oversubscribed, Strive received unsolicited inquiries for over $100 million of new preferred equity issuance. Jeff Walton, Chief Risk Officer, said,
“SATA is designed to offer a differentiated risk profile to fixed income investors, as the balance sheet is comprised of a transparent, digitally native asset, allowing risk to be observed and measured in real time, compared to more traditional balance sheets comprised of illiquid physical risks.”
Stock restructuring and board updates
Strive’s board approved a 1-for-20 reverse stock split for Class A and Class B shares to align the stock price with institutional trading standards. Ben Werkman, Chief Investment Officer, added,
“This proactive reverse split aligns our share price with institutional participation standards and opens our stock to a wider universe of investors.”
After the merger closes, Semler Scientific Executive Chairman Eric Semler will join Strive’s Board of Directors. Cantor Fitzgerald serves as financial advisor and Davis Polk & Wardwell as legal counsel for Strive, while LionTree Advisors and Goodwin Procter serve as financial and legal advisors for Semler Scientific.
Market reaction and previous challenges
Strive’s shares fell approximately 12% following the acquisition announcement, reflecting market caution toward Bitcoin treasury strategies. The stock had previously surged over 2,000% after announcing its Bitcoin strategy in May 2025, then retraced to trade around $0.97. Semler Scientific shares experienced similar volatility, rising to $67.17 by December 2024 after adopting Bitcoin as its primary treasury reserve before falling back to approximately $20.
Despite these fluctuations, Strive continues to focus on Bitcoin accumulation, yield generation, and delivering a transparent, digitally native balance sheet to investors.
Gunel Ismayilova
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