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Strive, the Texas-based financial services company co-founded by Republican Ohio gubernatorial candidate Vivek Ramaswamy, has agreed to buy Semler Scientific in an all-stock deal that would combine their Bitcoin treasury operations into a single publicly traded entity focused on digital asset accumulation.
Boards of both companies approved the merger with Vivek Ramaswamy’s Strive, which is subject to standard closing conditions to form a Bitcoin treasury company.
Under the terms of the deal, each Semler share will exchange for 21.05 Strive Class A shares. That’s an implied 210% premium, or around $90.52 per Semler share, based on Sept. 19 closing prices. Strive proposed a “preferred-equity-only” leverage model to avoid debt-maturity risk, and said it seeks to grow Bitcoin per share faster than spot BTC over time.
Semler Scientific, a healthcare technology firm, first adopted Bitcoin as a treasury asset in 2024, acquiring millions of BTC, which led to a roughly 40% increase in its stock price. The company currently owns approximately 5,000 in Bitcoin holdings, adding to its stack via equity and debt raises as well as cash flow.
Semler’s Executive Chairman, Eric Semler, will join the board of the combined firm.
Ramaswamy’s Bitcoin treasury firm also disclosed it has acquired 5,816 Bitcoin for its own balance sheet at an average price of $116,047 for a total of $675 million — after previously owning just 69 Bitcoin. Strive itself pivoted to become a Bitcoin treasury company in May following its merger with Asset Entities.
Adding that to Strive’s 5,886 BTC stockpile, the combined company is expected to hold over 10,900 BTC once the deal is completed.
The deal with Semler follows a wider trend of corporate Bitcoin adoption, with more than 50 firms across the globe adding Bitcoin to their balance sheets as a long-term strategic asset. Total corporate Bitcoin holdings now exceed 1 million BTC, worth over $116 billion.
Companies have increasingly raised funds to stockpile more Bitcoin, seeking to boost Bitcoin per share for investors. This strategy, pioneered by Michael Saylor’s Bitcoin treasury firm Strategy, has enticed many companies seeking to diversify holdings and use Bitcoin as a hedge against inflation.
