TLDR
- Strive is a Bitcoin treasury company. So is Semler Scientific. This is the first time ever (to our knowledge) that one treasury company has bought another to acquire the company’s digital assets.
- On top of that, Strive purchased more BTC for its own treasury.
- The company was co-founded by former presidential candidate and self-made billionaire Vivek Ramaswamy.
Two Bitcoin treasury powerhouses just joined forces. Strive, Inc. announced its acquisition of Semler Scientific in an all-stock deal. Their plan for world domination? Creating what could become the fastest-growing corporate Bitcoin holder in the market.
If you’re new to the crypto scene, this merger is like watching two collectors of rare coins decide to pool their collections and go shopping for more. Except instead of coins, it’s Bitcoin, and instead of a few thousand dollars, we’re talking about hundreds of millions. Let’s get after it.
The Deal
On September 22, 2025, Strive announced they’re buying Semler Scientific for approximately $90.52 per share – a whopping 210% premium over Semler’s recent trading price. That’s like offering someone $310 for something they were selling for $100. Why such a generous offer? Because sometimes in crypto, the math works differently.
Here’s how the exchange will work (as we understand it): every share of Semler Scientific gets traded for 21.05 shares of Strive Class A stock. It’s an all-stock transaction, meaning no cash changes hands – just ownership papers.
Alongside the announcement, Strive bought 5,816 more Bitcoin at an average price of $116,047 each, spending a cool $675 million in the process. That brings their total Bitcoin stash to 5,886 coins.
Why This Bitcoin Shopping Spree Matters
Both Strive and Semler Scientific have been doing the Bitcoin treasury thing for a while, betting that the token will be worth more in the future than dollars sitting in a bank account.
After this merger, the combined company will own over 10,900 Bitcoin. At current prices, that’s worth well over $1 billion. For context, that’s more Bitcoin than many small countries’ central banks hold.
Matt Cole, Strive’s Chairman and CEO, isn’t being shy about their ambitions. He believes their “alpha-seeking strategies” will help them outperform Bitcoin itself over time.
We don’t really understand how a BTC treasury company thinks it’s going to outperform BTC, but I guess we have to wait and see what all these “alpha-seeking strategies” entail.
What Makes This Different from Other Corporate Bitcoin Plays
Most companies that buy Bitcoin either use their existing cash or borrow money to make purchases. Strive is taking a different approach with what they call a “preferred equity only” leverage model. Translation: they’re avoiding debt that could bite them later if Bitcoin prices drop.
This is actually pretty smart. Bitcoin can be volatile. Companies that borrow money to buy Bitcoin face a double risk – if Bitcoin’s price falls, they still owe the same amount of money they borrowed, but their Bitcoin collateral is worth less. Strive’s approach sidesteps this problem entirely.
Eric Semler, Executive Chairman of Semler Scientific, sees this merger as creating “significant value” for shareholders while expanding their medical diagnostics business into preventative healthcare. It’s like getting two companies for the price of one – a Bitcoin treasury operation and a healthcare business.
The Healthcare Side Story
Here’s where things get interesting beyond Bitcoin. Semler Scientific isn’t just a crypto company – they’re also in the medical device business with their flagship product, QuantaFlo, which helps diagnose peripheral arterial disease.
The merged company plans to potentially spin off or monetize this diagnostics business later. This could create additional value for shareholders who get exposure to both Bitcoin’s potential upside and a profitable healthcare operation.
But wait. Didn’t Dypto Crypto warn readers against failing businesses that have nothing to do with digital assets that suddenly start treasuries as a last-ditch attempt to save their companies?
Yes, we did. Does that mean this plot is about to thicken? Yes, it is.
Strive was co-founded by Vivek Ramaswamy. The Harvard-educated, self-made billionaire who briefly ran for president in 2024. How did he make his money? By starting a pharmaceutical company.
While the acquisition seems like a perfect fit for Strive and is a great deal for Semler Scientific, the co-founder has had some run-ins with controversy, both in business and politics.
What This Means for Corporate Bitcoin Adoption
This is the first time, to our knowledge, that a crypto treasury company has bought another company solely for its crypto holdings. The merger signals that corporate Bitcoin adoption is maturing.
We’re moving beyond individual companies quietly adding Bitcoin to their balance sheets. Now we’re seeing strategic consolidation designed specifically to accelerate Bitcoin accumulation.
For newcomers to crypto, this represents institutional validation of Bitcoin as a legitimate treasury asset. When public companies are willing to merge specifically to acquire more Bitcoin, it suggests that sophisticated investors see long-term value in digital assets — and sometimes the easiest way to achieve that is to buy a company with substantial holdings.
What Could Go Right (and Wrong)
The bull case for this merger is straightforward: if Bitcoin continues rising, shareholders of the combined company could see outsized returns. The company’s structure is designed to amplify Bitcoin’s performance while avoiding some traditional risks.
But let’s be real about the risks, too. Bitcoin remains volatile, and tying a public company’s value so closely to one asset – even a promising one like Bitcoin – carries inherent dangers. If Bitcoin enters a prolonged bear market, shareholders could face significant losses.
The healthcare business provides some diversification, but the clear focus here is Bitcoin accumulation. Investors need to understand they’re essentially buying into a Bitcoin investment vehicle with a healthcare side business, not the other way around.
Secondly, both Ramaswamy and Semler Scientific have had their fair share of…things not going their way in the healthcare space. While that may not mean much to crypto diehards, investors seeking a diverse balance sheet may want to pass on this one. Because if you bet on the healthcare aspect, history says you’re unlikely to win.
It’s an Interesting Milestone for the Crypto Industry
Whether you’re a seasoned crypto investor or just starting to explore digital assets, this merger represents an important milestone in Bitcoin’s corporate adoption story. It shows how traditional business structures can be used to access Bitcoin exposure in new ways.
If you’re considering your own crypto investments, remember that you don’t need to buy entire Bitcoin or invest through complex corporate structures. Starting small with a user-friendly platform and learning as you go remains the best approach for most beginners.
The Strive-Semler merger might be making headlines with billion-dollar Bitcoin purchases, but your crypto journey can start with whatever amount makes sense for your situation. The key is getting started, staying informed, and never investing more than you can afford to lose.
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