Bitcoin Treasury Space Sees First Merger as Strive Bids for Semler Scientific

Strive-Semler Merger Creates One of Largest Public Bitcoin Treasuries

Strive (ASST) has struck a deal to acquire Semler Scientific (SMLR) in an all-stock transaction that highlights growing consolidation in the struggling bitcoin treasury sector. The combined company will control nearly 11,000 BTC, making it one of the largest corporate holders of the asset.

Semler shareholders will receive 21.05 ASST shares per SMLR share, valuing the stock at $90.52 — a 210% premium to Friday’s $29.18 close. Eric Semler, the company’s executive chairman, will join the new board.

Alongside the deal, Strive purchased 5,816 BTC for $675 million, bringing its holdings close to Semler’s roughly 5,000 BTC. The tie-up comes after crypto treasury valuations fell sharply this summer, leaving companies trading below their bitcoin reserves and assigning little or no value to their core businesses.

“This merger cements Strive’s position as a top Bitcoin treasury company,” said Strive CEO Matt Cole, adding that the firm’s strategies are designed to outperform bitcoin itself over time.

ASST shares gained 9.3% premarket to $4.71, while SMLR remained halted.