Ex-DOGE head Vivek Ramaswamy's Strive buys Semler Scientific, jumps Tesla, Trump Media

Strive Inc, the asset management firm co-founded by Vivek Ramaswamy, has secured approval to acquire Semler Scientific in an all-stock transaction that will propel the combined company past Tesla and Trump Media in corporate Bitcoin holdings.

Semler Scientific stockholders gave their blessings by voting in support of the acquisition, which Strive’s executives have called the first acquisition of a publicly traded Bitcoin treasury company.

The transaction will add Semler Scientific’s 5,048.1 Bitcoins to Strive’s existing holdings of 7,749.8 BTC, bringing the combined entity’s total to 12,797.9 BTC. The merged company will become the 11th largest corporate holder of the Bitcoin cryptocurrency globally.

Strive also announced that it had purchased 123 Bitcoins for its corporate treasury at an average price of $91,561 per coin, all of which is worth over $11.2 million, and this includes fees and expenses.

The deal comes as Ramaswamy pivots back to the private sector following his brief tenure as co-head of the Department of Government Efficiency. The entrepreneur resigned from the position on Inauguration Day, January 20, 2025, after reported tensions with Tesla chief executive officer Elon Musk over the department’s vision and approach.

Ramaswamy, who co-founded Strive in 2022, is now pursuing a bid for Ohio governor in the 2026 election.

Strive manages over $2 billion in assets through its wholly owned subsidiary, Strive Asset Management, an SEC-registered investment adviser that launched its first exchange-traded fund in August 2022.

What is Strive’s plan for Semler Scientific?

Matt Cole, chairman and CEO of Strive, said, “The Semler Scientific deal will continue Strive’s leading yield generation since inception of our Bitcoin strategy, boosting our 2026 1st quarter Bitcoin yield to over 15%, and is a win for both Strive and Semler Scientific shareholders,” while adding that they are showing the market how to execute with Bitcoin as the hurdle rate.

In the announcement, it was also disclosed that Strive has outlined plans to monetize Semler Scientific’s operating healthcare business within 12 months of closing the transaction.

The company also intends to pursue opportunities to retire Semler’s $100 million convertible note and $20 million Coinbase loan while taking into account the market conditions.

Semler Scientific, which develops FDA-cleared medical devices, including its flagship QuantaFlo test for early detection of peripheral arterial disease, was among the first US public companies to adopt Bitcoin as a primary treasury reserve asset. The company accumulated its digital holdings through equity and debt financing as well as operating cash flows.

Preferred equity strategy gains traction

The acquisition follows Strive’s successful November 2025 initial public offering (IPO) of its perpetual preferred equity instrument, known as SATA. The company increased the IPO from $125 million to $200 million after the offering was more than twice oversubscribed.

Following the IPO, Strive received unsolicited demand inquiries for over $100 million in additional preferred equity issuance.

Jeff Walton, the firm’s chief risk officer, said the SATA instrument offers investors a differentiated risk profile. According to Walton, “the balance sheet is comprised of a transparent, digitally native asset, allowing risk to be observed and measured in real time, compared to more traditional balance sheets comprised of illiquid physical risks.”

The company plans to issue more SATA shares over the next 12 months to fund its strategy of retiring Semler Scientific’s legacy debt while maintaining amplification exclusively through preferred equity rather than traditional debt financing.

Along with the merger, Strive’s board approved a 1-20 reverse stock split for shares of the Class A and Class B common stock of the combined company. Ben Werkman, chief investment officer, stated, “This proactive reverse split aligns our share price with institutional participation standards and opens our stock to a wider universe of investors.”

How is the market reacting?

The market did not react to the news with enthusiasm, as the shares of both companies fell following the announcement. Strive’s stock dropped more than 11%, while Semler Scientific declined by over 9%.

The transaction is expected to close in the coming weeks. Upon completion, Semler Scientific executive chairman Eric Semler will join Strive’s board of directors.

Public companies now hold nearly 5% of Bitcoin’s total supply.

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