Semler Scientific Soars on $1.34B Bitcoin Merger Approval
Shareholders approve all-stock acquisition by Strive Inc., forging a new entity focused on a corporate Bitcoin treasury strategy.
Shareholders of Semler Scientific (NASDAQ: SMLR) and Strive, Inc. (NASDAQ: ASST) have approved a definitive merger agreement, clearing the path for a unique $1.34 billion, all-stock transaction that redefines both companies. The deal, which received overwhelming support, is less a traditional sector consolidation and more a strategic pivot to create a publicly-traded corporation with one of the largest Bitcoin treasuries on the market.
Semler Scientific’s stock responded positively to the confirmation, climbing approximately 4.6% in trading to $23.54 a share. Strive, Inc. shares also rose around 2.7%.
The terms of the acquisition, first announced in September 2025, will see each share of Semler Scientific common stock exchanged for 21.05 shares of Strive's Class A common stock. This implies a value of roughly $90.52 per Semler share, an enormous 210% premium over the company's closing price just before the deal was made public.
The strategic core of the merger is the consolidation of the two companies' balance sheets to maximize their holdings of Bitcoin. Upon closing, the combined entity is projected to hold approximately 12,797.9 BTC, placing it among the top corporate holders of the digital asset. Strive's management has articulated a clear focus on a 'Bitcoin per share' metric, which this acquisition is designed to significantly enhance.
A key component of the post-merger strategy involves the future of Semler's legacy business. Semler Scientific is known for its FDA-cleared QuantaFlo product, a test used by clinicians to aid in the diagnosis of peripheral artery disease (PAD). Despite its established place in the medical technology field, Strive has announced its intention to monetize this core business within 12 months of the transaction's close. This move signals a decisive shift away from healthcare operations towards a pure-play digital asset strategy.
Before the merger, Semler Scientific, a healthcare technology firm, had a market capitalization of around $348 million. Strive, Inc.—which operates in the software and social media marketing space—had a market cap of approximately $846 million. The combination is less about operational synergies between healthcare and software, and more a financial maneuver to create a new type of investment vehicle for public market participants seeking exposure to cryptocurrency.
“This merger is structured to build a premier corporate Bitcoin treasury,” a Strive spokesperson noted in the original announcement, highlighting a novel approach to corporate acquisitions where digital assets are the primary strategic prize.
In conjunction with the deal's approval, shareholders also voted in favor of a 1-for-20 reverse stock split for the combined company’s stock. This move is typically designed to increase the per-share trading price, which can make the stock more attractive to a broader range of institutional investors and satisfy exchange listing requirements. As part of the transition, Semler's Executive Chairman, Eric Semler, is expected to join the Strive board of directors, ensuring leadership continuity and a shared strategic vision for the new entity.
The final shareholder approval marks the last major hurdle for the deal, which is now expected to close imminently. For investors, the combined company represents a distinct and unconventional public entity—one that has effectively transformed itself from two disparate operating companies into a proxy for Bitcoin.