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Strive’s All-Equity Bitcoin Merger Forms a $1.2 Billion Treasury with No Debt

Strive’s All-Equity Bitcoin Merger Forms a $1.2 Billion Treasury with No Debt

Bitget-RWA2025/09/22 17:20
By: Coin World
- Strive Inc. agreed to acquire Semler Scientific in a $90.52/share all-stock merger, a 210% premium, creating a $1.2B Bitcoin treasury with 10,900 BTC. - The debt-free structure aims to mitigate liquidation risks, aligning with growing corporate Bitcoin accumulation trends and institutional adoption. - The merger highlights Bitcoin’s maturation as an institutional asset, with U.S. spot ETFs managing $120B and volatility nearing S&P 500 levels.
Strive’s All-Equity Bitcoin Merger Forms a $1.2 Billion Treasury with No Debt image 0

Strive Inc., a publicly listed asset manager, has reached an agreement to purchase

Inc. via an all-stock transaction that values Semler at $90.52 per share, representing a 210% premium over its Friday closing price of $29.18. Both companies' boards have given unanimous approval to the merger, which will combine their assets to form a business holding close to 10,900 Bitcoin—worth about $1.2 billion at current market rates. plans to issue 21.05 Class A shares for every share, effectively placing Semler’s diagnostics operations under the oversight of Strive’s board title1 [ 1 ].

This deal follows Strive’s recent purchase of 5,816 Bitcoin at an average cost of $116,047 per coin, amounting to $675 million. Announced alongside the Semler acquisition, this move increases Strive’s total Bitcoin reserves to 5,886 coins. The combined company intends to utilize a capital structure based solely on preferred equity, steering clear of debt to lessen the risk of forced liquidations during market declines. Matt Cole, Strive’s chairman and CEO, described the swift and effective transaction as a “first for the Bitcoin treasury sector,” positioning the firm to outpace Bitcoin itself through faster accumulation and growth in shareholder value title2 [ 2 ].

Semler Scientific, which leads in medical devices and became an early adopter of Bitcoin for corporate reserves in 2023, has recently experienced drops in both revenue and stock price. Its second-quarter sales fell by 43% year-over-year, and its stock declined by 46% in 2025 up to Friday. The acquisition offers Semler’s shareholders a 210% premium and is in line with the increasing trend of listed companies consolidating Bitcoin holdings. Eric Semler, executive chairman, said the deal could help expand the diagnostics business into a “platform for preventative care and wellness,” while reaffirming Bitcoin’s role as a core reserve asset title3 [ 3 ].

This transaction is part of a broader rise in corporate Bitcoin accumulation, with companies such as Japan’s Metaplanet Inc. having faced obstacles in raising funds for buying tokens. In contrast, Strive’s focus on equity rather than debt lets it build up its Bitcoin stash without exposing the firm to refinancing concerns. Experts note the importance of this approach, since traditional Bitcoin treasury strategies often rely on debt, which may require asset sales during market slumps. Strive’s preference for equity seeks to keep its balance sheet stable and accelerate growth in Bitcoin per share title4 [ 4 ].

This merger highlights the growing acceptance of Bitcoin as an institutional asset. By mid-2025, U.S. spot Bitcoin ETFs had attracted more than $120 billion in assets, helping to reduce Bitcoin’s volatility to 35%—close to the S&P 500’s 22%—and decreasing its use as a speculative asset. Strive is pursuing both Bitcoin accumulation and the commercial expansion of Semler’s diagnostics division, reflecting a movement to blend digital currencies with established business models. As regulatory frameworks in the U.S. become clearer and global institutional interest grows, this integration is expected to accelerate, reshaping the cryptocurrency environment title5 [ 5 ].

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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