Strive to Buy Semler Scientific in First Merger of Bitcoin Treasury Companies

The all-stock deal will have combined company holding nearly 11,000 bitcoin.

Sep 22, 2025, 12:46 p.m.

With valuations of crypto treasury companies headed very quickly south in recent weeks, sector consolidation seemed a certainty at some point, with the only question being when it would start.

It has.

Stive (ASST) has agreed to buy Semler Scientific (SMLR) in an all-stock deal that represents a 210% premium, or $90.52 per share, based on Friday's market close, according to a press release. Each share of SMLR will be exchange of 21.05 shares of ASST.

Semler Executive Chairman Eric Semler is expected to join the board of the combined company.

Alongside, Strive announced the purchase of 5,,816 bitcoin BTC$112,817.55 for $675 million, or an average price of $116,047 each.

Adding that to Semler's roughly 5,000 in bitcoin holdings, the combined company would hold more than 10,900 BTC.

The deal comes as Semler Scientific shares have been under relentless pressure for several weeks, trading for well below the value of the bitcoin on its balance sheet, thus presumably giving negative value to its medical equipment business. The popping of the crypto treasury bubble this summer has left a number of companies in similar positions.

"This merger cements Strive’s position as a top Bitcoin treasury company," said Matt Cole, chairman and CEO of Strive. "We believe our alpha-seeking strategies and capital structure position us to outperform bitcoin over the long run."

ASST shares are higher by 9.3% premarket to $4.71. SMLR shares haven't traded since the announcement hit, but closed at $29.18 on Friday.

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