Semler Scientific (SMLR) and Strive Asset Management (ASST) are poised to create one of the largest corporate Bitcoin treasuries in the US.
If approved by shareholders on January 13, 2026, the all-stock merger would combine the two companies’ operations to manage approximately 13,000 BTC, instantly ranking the new entity among the top 11 public companies by Bitcoin holdings.
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Semler Scientific and Strive Merger Could Create Bitcoin Powerhouse with 13,000 BTC Treasury
The deal offers a 21.05x conversion ratio, with SMLR shareholders receiving 21.05 ASST shares for every SMLR share they hold.
The merger is more than just a corporate consolidation; it represents a strategic pivot toward Bitcoin-centric corporate operations.
By allowing investors to gain Bitcoin exposure through equities, the prospective combined company would mirror models pioneered by MicroStrategy, offering institutions and funds that cannot hold crypto directly a way to participate in the market.
The merger also positions the new entity to leverage Strive’s digital credit platform, potentially generating accretive financing opportunities and long-term shareholder value.
On December 22, Strive CEO Matt Cole urged shareholders to vote in favor, stating that ISS, a leading proxy advisory firm, recommends approval.
Eric Semler, chairman of Semler Scientific, emphasized the strategic rationale behind the merger. He noted that the combined company would hold nearly 13,000 BTC.
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Semler also confirmed he would join Strive’s board post-merger to help drive value creation. The merger agreement is structured to enable the new entity to actively deploy its Bitcoin holdings in the digital credit market rather than merely holding BTC passively.
By integrating crypto with lending and financial services, the company aims to unlock new revenue streams and enhance its balance sheet resilience.
Strive Asset Management merged with Asset Entities (ASST) to form the first publicly traded asset management company. The move made the combined company a player in the corporate Bitcoin treasury space, joining the likes of Strategy.
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Mixed Investor Sentiment Clouds Strive-Semler Merger Despite Bitcoin Treasury Appeal
While the Bitcoin treasury has drawn enthusiasm, investor sentiment has been mixed. Strive’s stock (ASST) has fallen 96% from $18 in 2023 to $0.77 as of late December 2025. This raises questions among shareholders about the implied value of the exchange.
Strive (ASST) Stock Performance. Source: Google FinanceSome investors have expressed concern that the 21.05x exchange ratio may not fully compensate SMLR shareholders, particularly given the company’s recent 50% decline in its share price.
Discussions on social media reflect both optimism about potential post-merger catalysts, such as warrant expirations, and skepticism over Strive’s business fundamentals.
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Despite the risks, the deal represents a pioneering step in corporate Bitcoin treasury consolidation. The merger would go beyond positioning the combined company as a top public Bitcoin holder, to signal a broader trend in which public companies treat Bitcoin as a strategic reserve asset rather than an alternative investment.
Similar mergers could emerge in 2026 as firms seek to combine resources and capitalize on the growing adoption of crypto among corporates.
The shareholder vote remains open until January 13, 2026, at which time investors will decide whether to approve the merger.
If passed, the deal could mark a significant milestone in corporate Bitcoin adoption, reshaping both investor access to crypto through equities and the broader sector of Bitcoin treasury strategies in the public markets.
Source: https://beincrypto.com/semler-strive-bitcoin-merger-analysis/
