Strive, Inc. said on Monday that it will acquire Semler Scientific, Inc. in an all-stock transaction that will significantly expand its corporate Bitcoin holdings.
The merger values Semler at a 210% premium, with each of its shares exchanged for 21.05 Strive Class A shares. Alongside the announcement, Strive disclosed the purchase of 5,816 Bitcoin at an average cost of $116,047 each, or roughly $675 million, bringing its total treasury to 5,886 Bitcoin.
After closing, the combined company expects to hold more than 10,900 Bitcoin, a figure that would place it among the fastest-growing corporate Bitcoin holders.
Strive, which went public in 2022 as the first Bitcoin-focused asset manager, has pursued a strategy of accumulating Bitcoin per share to outperform the asset long-term. By contrast, Semler Scientific entered the market as the second U.S. public firm to adopt Bitcoin as a primary reserve asset, funding purchases with equity and cash flows from its medical diagnostics operations.
Semler’s flagship product, QuantaFlo, is an FDA-cleared test for peripheral arterial disease. The merged company plans to explore monetizing or distributing this diagnostics business while expanding into preventative healthcare.
The boards of both companies unanimously approved the transaction, which is subject to standard regulatory and shareholder approvals. Strive’s management team will remain in place, while Semler’s executive chairman Eric Semler is expected to join the board.
The companies say they intend to pursue a “preferred equity only” model to avoid debt risks common in leveraged Bitcoin strategies.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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Source: https://blockworks.co/news/strive-acquires-semler
