Scrutiny Surrounds ASST Stock Performance Amid Merger Prospects with Semler Scientific

Semler Scientific (SMLR) and Strive Asset Management (ASST) are on track to form one of the largest corporate Bitcoin treasuries in the United States.

Key Takeaways:

Semler Scientific and Strive Asset Management plan a merger that could create a significant Bitcoin treasury.
The merger offers a 21.05x conversion ratio for shareholders and aims to combine resources for enhanced market participation.
Despite potential advantages, investor sentiment is mixed, with significant declines in Strive's stock performance.
The shareholder vote on January 13, 2026, will determine if the merger moves forward, with potential milestones for corporate Bitcoin adoption on the line.

If approved by shareholders on January 13, 2026, the all-stock merger will combine the operations of both companies, managing approximately 13,000 BTC. This would immediately position the new entity among the top 11 public companies by Bitcoin holdings.

Potential to Create a Bitcoin Powerhouse

The proposed merger offers a 21.05x conversion ratio, meaning that SMLR shareholders will receive 21.05 ASST shares for each SMLR share they own.

This merger is more than just a simple corporate consolidation; it signifies a strategic shift towards Bitcoin-centric operations for the merging companies. By enabling investors to gain exposure to Bitcoin through equities, the newly formed company would emulate models set by MicroStrategy. This creates opportunities for institutions and funds that cannot hold cryptocurrencies directly to engage in the market.

Moreover, this merger positions the new entity to utilize Strive’s digital credit platform, potentially unlocking additional financing opportunities and long-term value for shareholders.

On December 22, Strive CEO Matt Cole urged shareholders to support the merger, highlighting a recommendation for approval from ISS, a prominent proxy advisory firm.

STRIVE ($ASST) <> SEMLER ($SMLR) MERGER UPDATE

ISS recommends that Semler Scientific shareholders vote in favor of the merger with Strive.

As a reminder, Semler shareholders can cast their votes until the meeting on January 13, 2026.
— Matt Cole (@ColeMacro)

Chairman of Semler Scientific, Eric Semler, emphasized the logic behind the merger. He pointed out that the combined company would control nearly 13,000 BTC, stating, “This scale enhances Strive’s ability to pursue accretive financing opportunities in the digital credit space and maximize long-term shareholder value.” He also confirmed he would join Strive’s board after the merger to help drive value creation.

The merger agreement is designed to enable the new entity to strategically utilize its Bitcoin holdings within the digital credit market, rather than simply holding BTC. This integration of cryptocurrency with lending and financial services aims to tap into new revenue streams and bolster the company’s financial stability.

Strive Asset Management merged with Asset Entities (ASST) to establish the first publicly traded asset management firm, making it a competitive player in the corporate Bitcoin treasury domain alongside companies like Strategy.

Investor Sentiment Mixed on Strive-Semler Merger Despite Bitcoin Treasury Appeal

Despite excitement surrounding the Bitcoin treasury aspect, investor sentiment has been lukewarm. Strive's stock (ASST) plummeted 96%, dropping from $18 in 2023 to just $0.77 by late December 2025. This decline has investors questioning the value of the exchange.

Strive (ASST) Stock Performance. Source: Google Finance

Some shareholders are skeptical about the 21.05x exchange ratio adequately compensating SMLR shareholders, especially in light of a 50% drop in the company's share price recently.

"I'm down an average of 55% on my SMLR shares acquired at around $34. I bought to support you as you supported Bitcoin. This hasn't aged well for my portfolio, and this is not nearly enough," said investor Axel Hoogland. Discussions on social media reveal both excitement about possible post-merger catalysts, like warrant expirations, and doubts regarding Strive's business fundamentals.

“I don’t get it. Why would Semler shareholders want this stock?” questioned one user.

Despite these risks, the merger indicates a pioneering move in corporate Bitcoin treasury consolidation. This deal could redefine how public companies view Bitcoin, treating it as a strategic reserve asset rather than simply an alternative investment.

2026 may witness more similar mergers as companies aim to pool resources and harness the increasing acceptance of crypto in the corporate sector.

$SMLR and $ASST are poised to be the first merger involving Bitcoin treasury companies in 2026. Which companies will follow suit in the new year?
— @AltCoinCollege

Shareholders will finalize their opinions during the vote on January 13, 2026. Approval of this merger could represent a substantial advancement in corporate Bitcoin adoption, altering how investors access crypto through publicly traded equities and influencing the broader Bitcoin treasury strategies in financial markets.