Strive Integrates Bitcoin Holdings with Health Assessments to Mitigate Market Fluctuations

Strive, Inc. (Nasdaq: ASST) has signed a binding agreement to purchase

, Inc. (Nasdaq: SMLR) through an all-equity deal, signaling the first notable merger among public treasury firms. Both company boards have approved the agreement, under which every share will be exchanged for 21.05 Class A shares. This represents a 210% premium, calculated from the pre-announcement share prices of $29.18 for and $4.71 for . As a result, Semler is valued at $90.52 per share, and the merged company is set to hold more than 10,900 Bitcoins, following Strive’s recent acquisition of 5,816 Bitcoins for $675 million, averaging $116,047 per Bitcoin Strive, Inc. [ 1 ]. Strive's current 5,886 BTC will be combined with Semler's 5,000 BTC, forming one of the largest Bitcoin treasuries held by a corporation worldwide Coindesk [ 2 ].

This merger reflects an increasing movement toward Bitcoin adoption among corporations, echoing the playbook of pioneers like MicroStrategy. Strive’s leadership highlighted their use of a "preferred equity only" capital structure, which eliminates debt maturity risk and supports faster growth in Bitcoin per share. This stands in contrast to debt-heavy strategies favored by some rivals, positioning Strive as a lower-risk accumulator in turbulent markets Bitcoin Magazine [ 3 ]. Semler Scientific brings its profitable, FDA-cleared QuantaFlo diagnostics business and early Bitcoin treasury experience into the fold. Plans after the merger include considering potential monetization or distribution of Semler’s diagnostics unit, which may unlock additional value for shareholders Fortune [ 4 ].

Strive’s move comes during a tough period for Bitcoin treasury firms. In the weeks leading up to the deal, Semler’s share price had fallen below the value of its Bitcoin reserves, mirroring broader industry challenges as valuations fell. The 210% premium offered demonstrates investor interest in bold balance sheet restructurings. According to Strive’s CEO, Matt Cole, the combination will "solidify its leadership as a premier Bitcoin treasury firm" and enhance its ability to outperform through innovative investment and efficient capital use Yahoo Finance [ 5 ]. Eric Semler, Executive Chairman of Semler, pointed to the unique opportunity to pair Bitcoin accumulation with healthcare innovation for long-term growth Reuters [ 6 ].

The acquisition’s structure features Strive’s $675 million Bitcoin purchase, financed with both equity and available cash. The new entity will be led by Strive’s current management and board, with Semler’s leaders joining the team. Davis Polk & Wardwell LLP is advising Strive, while LionTree Advisors is representing Semler; Cantor Fitzgerald is Strive’s financial advisor Strive, Inc. [ 7 ]. The deal is contingent on standard regulatory and operational clearances, but its swift completion—just one week after Strive’s IPO—reflects the urgency to boost Bitcoin assets Coindesk [ 8 ].

Observers suggest the merger demonstrates a strategic evolution in corporate Bitcoin management. By joining treasury resources and adding revenue from healthcare, the merged business seeks to reduce risks tied to Bitcoin price swings. The exclusive use of preferred equity also shields the company from refinancing pressures, a notable benefit as borrowing costs remain high. This strategy mirrors broader industry trends, as firms like Japan’s Metaplanet and Europe’s Blockchain Group opt for alternative capital structures to maintain Bitcoin growth Bitcoin Magazine [ 9 ].

The significance of the deal goes beyond cryptocurrency. Strive’s asset management division—overseeing more than $2 billion in ETFs—will now pursue a dual objective: harnessing Bitcoin’s market potential while expanding into healthcare diagnostics. This hybrid approach could reshape how corporations create value, merging traditional earnings with digital asset appreciation. As the sector evolves, similar mergers could become common, driving rapid expansion and decreasing market fragmentation Fortune [ 10 ].