Strive Buys Semler in $1.3B All-Stock Deal, Expands Bitcoin Treasury

Strive Buys Semler in $1.3B All-Stock Deal, Expands Bitcoin Treasury

On September 22, 2025, Strive, the asset manager backed by entrepreneur and former U.S. presidential candidate Vivek Ramaswamy, announced it will acquire Semler Scientific in a $1.34 billion all-stock deal. As part of the merger, Strive will also purchase 5,816 Bitcoin worth $675 million, boosting its combined corporate treasury to more than 10,900 BTC.

Semler shareholders will receive 21.04 Strive class A shares for each Semler share, a significant premium over market value. Yet the more striking element is Strive’s aggressive strategy of integrating Bitcoin into its balance sheet as a cornerstone asset.

The move echoes earlier corporate treasury strategies pioneered by firms like MicroStrategy, which treated Bitcoin as a hedge against inflation and a long-term store of value. Strive is taking this playbook further by combining acquisition expansion with heavy Bitcoin accumulation.

Investors will be watching whether this gamble pays off. If Bitcoin appreciates, Strive could become a flagship for corporate adoption. But volatility also means the firm is exposing itself to risks that could weigh on future earnings.