Strive’s shareholder-approved merger with Semler Scientific propels the asset manager into the ranks of top global corporate Bitcoin holders.
Key Takeaways
- Strive has acquired Semler Scientific in an all-stock deal, adding over 5,000 BTC to its reserves and lifting total holdings to 12,798 Bitcoin.
- The merger includes a 1-for-20 reverse stock split, aimed at boosting institutional investor participation and meeting listing standards.
- Despite the strategic value, Strive’s stock dropped nearly 12 percent after the announcement, with a slight rebound following a Bitcoin rally.
- With this acquisition, Strive surpasses Tesla and Coinbase in corporate BTC holdings, ranking just behind CleanSpark globally.
What Happened?
Asset manager Strive received shareholder approval to acquire medical tech company Semler Scientific, absorbing its 5,048 BTC holdings. This move, combined with Strive’s recent Bitcoin purchases, raises the combined entity’s total holdings to 12,798 BTC, making it one of the largest corporate Bitcoin treasuries in the world. The transaction was finalized alongside a surprise reverse stock split, sending both companies’ shares tumbling before recovering slightly in after-hours trading.
BREAKING: 🇺🇸 Vivek Ramaswamy’s Strive acquires #Bitcoin company Semler Scientific in an all-stock transaction. pic.twitter.com/aHSjcy34ND
— Bitcoin Magazine (@BitcoinMagazine) January 13, 2026
Strive’s Bitcoin-Backed Merger Makes Waves
The Semler acquisition represents a calculated leap by Strive into the upper tier of Bitcoin-focused corporations. By securing over 5,000 BTC from Semler Scientific and adding it to its own 7,749.8 BTC stash, Strive now holds more Bitcoin than Tesla, Block, and Coinbase. The acquisition pushes Strive to the 11th spot among global corporate holders of BTC, just below CleanSpark’s 13,099 BTC.
- The merger was structured as an all-stock transaction, avoiding direct market impact while acquiring valuable digital assets.
- Strive also bought 123 BTC at an average price of $91,561, further strengthening its treasury reserve.
- The deal includes a plan to monetize Semler’s operating business and evaluate retiring $120 million in debt, including a Coinbase loan and convertible notes.
Stock Market Response and Reverse Split Surprise
While the Bitcoin accumulation strategy is bold, the market response was mixed. Strive’s shares (ASST) plunged nearly 12 percent during regular trading, and Semler’s stock (SMLR) dropped nearly 10 percent after the reverse split was announced.
- Both companies rebounded slightly in after-hours trading following Bitcoin’s rally to over $96,000.
- A 1-for-20 reverse stock split was introduced to boost the company’s share price and attract more institutional investors.
- Strive’s stock has mostly traded below $1 since October, making the reverse split crucial to maintaining listing standards.
CIO Ben Werkman stated the reverse split aligns Strive’s share price with “institutional participation standards”, allowing broader access to its stock.
Strategic Advantage in Bitcoin Acquisition
This acquisition wasn’t just about Semler’s tech business. Strive strategically used the merger to avoid market disruption while acquiring a massive amount of Bitcoin. Buying 5,000 BTC on the open market would likely have spiked prices or drawn scrutiny, but by bundling it with a corporate merger, Strive executed a stealth accumulation strategy.
- The move also adds Eric Semler to Strive’s board, further integrating the two companies.
- Legal and financial advisors included Cantor Fitzgerald, Davis Polk & Wardwell, LionTree Advisors, and Goodwin Procter.
Financial experts see this as an evolution in how traditional finance institutions gain Bitcoin exposure through mergers, not markets.
Bitcoin’s Role as a Strategic Asset
This deal highlights how Bitcoin is no longer seen as just a speculative asset. For firms like Strive, it has become:
- A core treasury reserve
- A long-term store of value
- A strategic asset to enhance acquisition targets
Bitcoin now plays a real role in M&A activity, and with clearer regulatory guidance from 2024, firms like Strive are moving ahead with confidence.
CoinLaw’s Takeaway
In my experience, this kind of move shows how quickly Bitcoin has matured from a fringe idea into a boardroom strategy. I found it especially telling that Strive structured the deal to quietly gain Bitcoin exposure while acquiring a revenue-generating business. That’s not speculation, that’s serious long-term planning. By pulling off a merger that instantly vaulted them over household names like Tesla and Coinbase in BTC holdings, Strive just showed the finance world a new playbook for crypto strategy. Keep an eye out. I wouldn’t be surprised if more asset managers try this route next.
