• Strive will own over 10,000 Bitcoin after merging with Semler in an all-stock deal.
• The merger avoids debt by using a preferred equity model to expand Bitcoin holdings.
• Strive plans to grow faster by combining a Bitcoin strategy with healthcare diagnostics.

Strive, a Bitcoin treasury company, has agreed to acquire Semler Scientific in an all-stock transaction valued at $90.52 per share. The boards of both companies have approved the deal. 

Each Semler share will convert into 21.05 Strive Class A shares. This conversion implies a 210% premium based on September 19 closing prices. The agreement marks one of the most significant moves among public Bitcoin treasury firms in 2025.

Bitcoin Holdings to Exceed 10,900 BTC

Strive recently purchased 5,816 Bitcoin at an average price of $116,047 per coin. The purchase totaled $675 million. With this acquisition, Strive’s holdings increased to 5,886 BTC. In May, Semler Scientific added 455 Bitcoin worth $50 million using funds from its stock sale program. Semler Scientific had already accumulated over 5,000 Bitcoin by July. After the merger, the combined company will control more than 10,900 BTC. This makes it one of the largest Bitcoin holders among public firms in the U.S.

Focus on Preferred Equity and Debt Avoidance

Strive has outlined a preferred-equity-only financing model. This strategy avoids traditional debt structures and associated maturity risks. The company believes this model supports long-term Bitcoin accumulation. Strive aims to grow Bitcoin per share faster than the price of Bitcoin itself. It plans to fund future Bitcoin purchases through equity rather than debt. This approach reflects growing investor interest in alternative treasury strategies.

Strategic Healthcare and Asset Management Goals

While Bitcoin remains the focus, the combined company will retain Semler’s healthcare diagnostics operations. Strive plans to expand this business toward early detection and preventative care. The new board will include Semler’s Executive Chairman, Eric Semler. Strive’s management team will continue to lead the combined firm. The diagnostics unit may be monetized or spun off in the future.

Strive has also confirmed its broader growth plans in asset management. Earlier this year, Strive Asset Management filed for a Bitcoin Bond ETF with the SEC, focusing on bonds from firms funding Bitcoin investments. Since launching its first ETF in August 2022, it has grown to over $2 billion in assets under management. The merger supports its dual-track strategy: Bitcoin-centric finance and mission-driven healthcare. This combination is designed to increase shareholder value and long-term treasury strength.

The Strive-Semler deal comes at a time of consolidation in the digital asset treasury sector. Premiums over crypto asset values are tightening. Many firms now trade below their Bitcoin holdings’ value. This shift has forced companies to consider creative financing, including stock-for-stock mergers. Strive’s strategy aligns with market trends focused on asset efficiency and equity-based expansion.