$2B AUM Strive Asset Management to Acquire Semler Scientific in $1.3 Billion Bitcoin Treasury Merger

Strive Inc. (NASDAQ: ASST), the asset management firm co-founded by former Republican presidential candidate Vivek Ramaswamy, announced Monday it will acquire medical device company Semler Scientific Inc. (NASDAQ: SMLR) in a $1.3 billion all-stock transaction that combines two publicly-traded bitcoin treasury companies. The deal represents approximately a 210% premium to Semler's recent trading price, valuing the company at $90.52 per share.

Under the merger terms, Semler shareholders will receive 21.04 Class A common shares of Strive for each Semler share they own. The transaction will add Semler's 5,816 bitcoin holdings, worth approximately $567 million, to Strive's existing crypto treasury strategy. Semler Scientific, a Santa Clara, California-based company that develops medical devices for cardiovascular health assessment, had been trading at a discount to its bitcoin holdings prior to the announcement.

Cincinnati-based Strive Asset Management went public through a merger with a small technology company on the Nasdaq earlier this year. The firm, which manages approximately $2 billion in assets, has positioned itself as an anti-ESG investment manager focused on maximizing shareholder returns rather than environmental or social goals. Ramaswamy, who ran for the Republican presidential nomination in 2024 before endorsing Donald Trump, co-founded Strive in 2022 with the mission to "restore the foundational principles of American enterprise."

The acquisition reflects the growing trend of public companies adopting bitcoin treasury strategies, following the playbook established by MicroStrategy Inc. under Michael Saylor's leadership. Semler Scientific began accumulating bitcoin in May 2024 as part of its treasury management strategy, joining other corporations that view the crypto as a hedge against inflation and currency debasement.

The combined entity will create one of the larger publicly-traded bitcoin treasury companies, with Strive gaining direct exposure to bitcoin holdings while maintaining its traditional asset management operations. The merger is expected to close in the fourth quarter of 2024, subject to customary closing conditions and regulatory approvals.

Both companies' boards of directors have unanimously approved the transaction. The deal comes as bitcoin has gained renewed institutional acceptance, with several companies adding the crypto to their balance sheets as a treasury asset over the past four years. 

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