Strive has received shareholder approval to acquire Semler Scientific in an all-stock transaction, a move that positions the combined entity as the 11th largest corporate holder of Bitcoin (BTC) globally. However, the market’s reaction has been lukewarm; Strive’s stock (ASST) dropped nearly 12% on the day following the announcement.
Strive Expands Bitcoin Treasury with Semler Scientific Deal
The voting process for the acquisition commenced in late December 2025, culminating in a special meeting on January 13, where shareholders of Semler Scientific cast their votes in favour of the merger. With this acquisition, Strive will take ownership of 5,048.1 Bitcoin, significantly bolstering its Bitcoin reserves.
In addition to this acquisition, Strive recently made headlines by purchasing an extra 123 Bitcoin at an average price of $91,561 each, further enhancing its standalone holdings to 7,749.8 Bitcoin. Once the Semler deal is finalized, the combined entity is anticipated to hold a remarkable total of 12,797.9 Bitcoin, putting Strive ahead of notable companies like Tesla and Trump Media & Technology Group. They will trail just behind CleanSpark, which currently holds 13,099 BTC.
“The Semler Scientific deal will continue Strive’s leading yield generation since the inception of our Bitcoin strategy, boosting our 2026 1st quarter Bitcoin yield to over 15%. This is a win for both Strive and Semler Scientific shareholders. We are showing the market how to execute with Bitcoin as your hurdle rate,” stated Strive’s CEO Matt Cole.
In a strategic move to guide the company forward, Eric Semler, Executive Chairman of Semler Scientific, will join Strive’s board of directors upon the conclusion of the transaction. Financial advisory for Strive comes from Cantor Fitzgerald, while legal representation is provided by Davis Polk & Wardwell. Semler Scientific is being advised by LionTree Advisors and Goodwin Procter.
Beyond merely increasing its Bitcoin reserves, Strive has plans to monetize Semler’s core business within the first 12 months post-acquisition. Part of this strategy includes evaluating options for retiring the existing debt, which encompasses a $100 million convertible note and a $20 million loan from Coinbase. Strive has indicated that the execution of these plans will hinge on the prevailing market conditions.
In line with the merger announcement, the Strive board has also authorized a 1-for-20 reverse stock split for both Class A and Class B common shares. Ben Werkman, Chief Investment Officer at Strive, mentioned that this move aims to align the company’s share price with levels that are more attractive to institutional investors, broadening market participation.
Nevertheless, the response from investors has not been as optimistic. Following the merger news, Strive’s stock experienced a sharp decline of nearly 12%, closing at $0.97 on January 13. Prior to this downturn, the stock saw some recovery, gaining over 2% in pre-market trading.
In addition to fluctuating stock performance, Strive also grapples with substantial unrealized losses on its existing portfolio. Its standalone Bitcoin assets are currently estimated at around $738.84 million, which signifies an unrealized loss of approximately 15.4%—equating to about $135.2 million—based on current market prices.
