According to a September 22 company press release, Strive (ASST) entered into a definitive agreement to acquire Semler Scientific (SMLR) in an all-stock transaction at a 210% premium, exchanging 21.05 Strive Class A shares for each Semler common share, and simultaneously purchased 5,816 BTC for $675 million at an average $116,047 per bitcoin.
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Under the deal, SMLR shareholders will receive 21.05 Strive shares for each SMLR share held, implying a transaction value of approximately $90.52 per Semler share based on market prices as of September 19, 2025. This implies an exchange rate 210% above the pre-announcement trading levels. The merger, unanimously approved by both boards, combines two of the first publicly traded Bitcoin treasury companies.
The $675 million BTC purchase increases Strive’s total holdings to 5,886 BTC, and—together with Semler’s existing Bitcoin treasury—would give the combined entity control of nearly 10,900 BTC.
The move is similar to CoreWeave’s (CRWV) all-stock purchase of Core Scientific (CORZ) earlier this year, in which a fixed exchange rate of shares was set as the purchase price. The announcement comes weeks after Semler Scientific shareholders rejected a proposal to issue perpetual preferred stock.
At time of publication, ASST is up 0.2% during pre-market hours and SMLR is up 24%.
