Strive's Acquisition of Semler Scientific Boosts Bitcoin Holdings, Yet Stock Drops 12%

Strive has secured shareholder backing to acquire Semler Scientific in a transaction entirely comprised of stock. This move is expected to establish the combined company as the 11th largest corporate holder of Bitcoin (BTC). Despite this significant development, Strive’s stock (ASST) experienced a drop of nearly 12% on Tuesday.

Key Takeaways

Strive is acquiring Semler Scientific, increasing its Bitcoin holdings significantly.
The acquisition elevates Strive to the 11th largest corporate holder of Bitcoin.
Despite the acquisition, Strive's stock price fell nearly 12% on January 13.
The company plans to monetize Semler's operations and address existing debt obligations.
A reverse stock split was authorized to attract institutional investors.

Strive Enhances Bitcoin Treasury Through Semler Scientific Acquisition

The process to obtain shareholder approval for the acquisition began in late December 2025, culminating in a special meeting on January 13 to finalize the merger. According to a recent press release, shareholders of Semler Scientific voted in favor of the agreement, transferring ownership of 5,048.1 Bitcoin to Strive.

Additionally, Strive revealed that it has recently acquired another 123 Bitcoin at an average cost of $91,561 per coin, raising its standalone holdings to 7,749.8 Bitcoin. With this acquisition, the total Bitcoin holdings for the combined company are expected to reach 12,797.9 Bitcoin. This positions the firm among the top corporate Bitcoin holders in the world, outmatching both Tesla and Trump Media & Technology Group. Strive will rank just behind CleanSpark, which has 13,099 BTC.

"The Semler Scientific acquisition will further enhance Strive's exceptional yield generation since the inception of our Bitcoin strategy, elevating our Bitcoin yield for Q1 2026 to over 15%. This is a beneficial outcome for both Strive and Semler Scientific shareholders. We are demonstrating to the market how to effectively leverage Bitcoin as a benchmark," stated Strive's CEO, Matt Cole.

Following the conclusion of the acquisition, Eric Semler, the Executive Chairman of Semler Scientific, will join Strive’s board of directors. Strive is receiving financial advice from Cantor Fitzgerald, while Davis Polk & Wardwell is providing legal counsel. In contrast, Semler Scientific is being advised by LionTree Advisors and Goodwin Procter.

In addition to bolstering its Bitcoin reserves, Strive has plans to monetize Semler’s operating business within 12 months after the transaction closes and will assess pathways to address the company’s existing debt obligations. These include a $100 million convertible note and a $20 million loan from Coinbase, contingent upon market conditions.

In conjunction with the merger, the board approved a 1-for-20 reverse stock split for both Class A and Class B common shares of the combined company. Ben Werkman, Chief Investment Officer, indicated that this action aligns the company’s stock price to more favorable levels for institutional investors and encourages broader participation.

However, following the announcement, Strive's stock saw a notable decline. According to Google Finance data, ASST fell nearly 12%, closing at $0.97 on January 13. Nevertheless, during pre-market trading, the stock has shown an increase of over 2%.

Strive Stock Performance. Source: Google Finance

Alongside stock fluctuations, the company is contending with significant unrealized losses on its current holdings, with its standalone Bitcoin assets valued at approximately $738.84 million. This represents an unrealized loss of roughly 15.4%, or $135.2 million, based on current market rates.