Semler Scientific (SMLR) and Strive Asset Management (ASST) can create one of the largest corporate-owned Bitcoin treasuries in the USA.
If shareholders approve this on January 13, 2026, the merger will combine the operations of the two companies with only shares. They will then manage approximately 13,000 BTC and directly rank among the eleven largest public companies in terms of Bitcoin holdings.
Semler Scientific and Strive can together create a strong player in Bitcoin with 13,000 BTC in cash.
The deal offers an exchange ratio of 21.05x. SMLR shareholders will receive 21.05 ASST shares for each SMLR share they own.
The merger is more than a corporate fusion. It also signifies a strategic direction towards Bitcoin-focused operations.
By allowing investors to access Bitcoin through shares, the new company creates a model similar to MicroStrategy. Thus, institutions and funds that cannot own cryptocurrency can still participate in the market.
The merger also allows the new company to utilize Strive's digital credit platform. This could provide more financing opportunities and create long-term shareholder value.
On December 22, Strive CEO Matt Cole urged shareholders to vote yes. He stated that ISS, a well-known advisory firm, recommends the proposal.
Eric Semler, chairman of Semler Scientific, emphasized the strategy behind the merger. He stated that the new company will own nearly 13,000 BTC.
This size allows Strive to invest in profitable financing within digital credit and maximize shareholder value," he wrote at the end of December.
Semler also confirmed that he will take a seat on Strive's board after the merger to help create value. The agreement means that the new company can actively use its Bitcoin holdings within digital credit, rather than just holding BTC passively.
By integrating crypto with lending and financial services, the company aims to create new revenue streams and enhance its financial stability.
Strive Asset Management merged with Asset Entities (ASST). Together, they created the first publicly traded company for managing Bitcoin treasury and became a significant player, similar to Strategy.
Mixed feelings among investors regarding the Strive-Semler merger despite the allure of the Bitcoin reserve.
The large Bitcoin holding has generated interest, but investor reactions are mixed. Strive's stock (ASST) has decreased by 96% from $18 in 2023 to $0.77 at the end of December 2025. Many shareholders are therefore questioning the value of the stock exchange.
Some investors worry that the 21.05x exchange factor may not be sufficient compensation for SMLR's shareholders, especially since the company's stock has fallen by 50% recently.
Discussions on social media reflect both hope that the merger could lead to a price increase, especially when options expire, and doubts about Strive's business model.
"I don't understand. Why would Semler shareholders want this stock?" commented a user on X.
Despite the risks, the deal is seen as a groundbreaking step for the company's Bitcoin treasury. The merger is not only meant to place the company among the leaders in Bitcoin holdings but also shows that more companies now view Bitcoin as a strategic reserve, not just as an alternative investment.
Similar mergers may emerge in 2026 as several companies collaborate to leverage the strength of crypto among businesses.
Shareholders can vote until January 13, 2026. At that time, investors will decide whether the merger should be approved.
If the proposal is approved, the deal could be an important step for Bitcoin in business. It could change both how investors access crypto through shares and how companies use Bitcoin in the stock market.