Semler Scientific (SMLR) and Strive Asset Management (ASST) are preparing to create one of the largest corporate Bitcoin vaults in the United States
If shareholders approve on January 13, 2026, this all-stock merger will combine the operations of both companies to manage approximately 13,000 BTC immediately, with the new company ranking among the top 11 public companies holding the most Bitcoin
The merger between Semler Scientific and Strive may create a Bitcoin leader in the United States with a treasury of 13,000 BTC.
This deal offers an exchange rate of 21.05 to 1, where SMLR shareholders will receive 21.05 shares of ASST for each share of SMLR they hold.
This merger is not only a corporate consolidation but also a strategic shift towards an organization centered on Bitcoin operations.
By allowing investors to access Bitcoin through stocks, the new company will also reflect the model pioneered by MicroStrategy, providing a way for institutions and funds that cannot hold crypto directly to participate in the market.
The merger also opens opportunities for the new company to utilize Strive's digital lending platform to create value-added financial opportunities and strengthen shareholder equity in the long term.
On December 22, CEO of Strive, Matt Cole, sought cooperation from shareholders to vote in favor, stating that ISS, a leading proxy advisory firm, supported this agreement.
Eric Semler, chairman of Semler Scientific, emphasized the strategic reasons for the merger, pointing out that the merged company will hold nearly 13,000 BTC.
At this level, it enhances Strive's potential to create value-added financial opportunities in the digital lending space and increase shareholder value in the long term. He mentioned this in a late December post.
Semler has also confirmed that he will join the board of Strive post-merger to help drive value creation, as this agreement is structured to allow the new company to seriously utilize its held Bitcoin in the digital lending market instead of just holding BTC idly.
The company aims to integrate crypto with lending and financial services to unlock new revenue streams and strengthen its own balance sheet.
Strive Asset Management merges with Asset Entities (ASST) to establish the first publicly traded asset management company focusing on Bitcoin treasury, stepping into the same arena as Strategy companies.
Investor sentiment is mixed, overshadowing the Strive-Semler merger, even as the Bitcoin treasury attracts attention.
Although the Bitcoin treasury has garnered interest, the investment atmosphere remains mixed. Strive's stock (ASST) has dropped 96% from 18 USD in 2023 to just 0.77 USD by late December 2025, raising questions for shareholders about the true value of that exchange market.
Some investors have expressed concerns that the exchange rate of 21.05 times may not adequately compensate SMLR shareholders, especially when the company's stock price has recently fallen by more than 50%.
In discussions on social media, everyone reflects both hopes regarding the supportive factors behind the merger, such as the expiration of the warrants and skepticism towards the fundamental business factors of Strive.
I don't understand, why would Semler's shareholders want this stock? One user commented on this post.
However, despite the risks, this deal represents a first step towards consolidating an enterprise-level Bitcoin treasury, as the merger will make the new company a major Bitcoin holder in the stock market and signal a new trend where US public companies view Bitcoin as a strategic reserve asset, no longer just an alternative asset.
Moreover, such mergers may become more common in 2026 as companies look for resource consolidation strategies and leverage the growing acceptance of crypto among publicly listed companies.
Meanwhile, shareholders can still exercise their voting rights until January 13, 2026, which will be the final decision on whether everyone will approve the merger.
If approved, this deal could become a significant milestone for the acceptance of Bitcoin in business, leading to changes in the accessibility of crypto through the stock market and impacting the overall Bitcoin treasury policies of public companies.
