Semler Scientific (SMLR) and Strive Asset Management (ASST) are ready to create one of the largest corporate Bitcoin treasuries in the USA.
If approved by shareholders on January 13, 2026, the merger with whole shares will combine the operations of the two companies to manage approximately 13,000 BTC, and immediately place the new entity among the 11 largest publicly traded companies by Bitcoin holdings.
Semler Scientific and Strive merger could create a Bitcoin giant with 13,000 BTC in reserves
The agreement offers an exchange ratio of 21.05x, where SMLR shareholders receive 21.05 ASST shares for each SMLR share they own.
The merger is more than just a corporate consolidation; it represents a strategic shift towards Bitcoin-centered corporate operations.
By providing investors exposure to Bitcoin through shares, the future merged company will mimic models developed by MicroStrategy, offering institutions and funds that cannot own crypto directly the opportunity to enter the market.
The merger also gives the new entity the opportunity to leverage Strive's digital credit platform, with the potential for value-creating financing opportunities and long-term shareholder value.
On December 22, Strive CEO Matt Cole urged shareholders to vote for the agreement, stating that ISS, a leading advisory firm for proxy voting, recommends approval.
Eric Semler, chairman of Semler Scientific, highlighted the strategic rationale behind the merger. He noted that the merged company would own nearly 13,000 BTC.
“This scale strengthens Strive's ability to pursue value-creating financing opportunities within digital credit and maximize long-term shareholder value,” he said in a post late in December.
Semler also confirmed that he would join Strive's board after the merger to contribute to value creation. The merger agreement is designed to enable the new entity to actively use its Bitcoin holdings in the digital credit market, rather than just hold BTC passively.
By integrating crypto with lending and financial services, the company aims to create new revenue streams and strengthen the resilience of its balance sheet.
Strive Asset Management merged with Asset Entities (ASST) to form the first publicly traded management company. This made the company a player in the Bitcoin treasury market for corporations, alongside players like Strategy.
Mixed investor sentiment colors the Strive-Semler merger despite Bitcoin treasury appeal.
Although the Bitcoin treasury has generated enthusiasm, the sentiment among investors has been mixed. Strive's stock (ASST) has fallen by 96% from $18 in 2023 to $0.77 by the end of December 2025. This raises questions among shareholders about the underlying value of the exchange.
Some investors have expressed concern that the exchange ratio of 21.05x does not fully compensate SMLR shareholders, especially given the company's recent decline of 50% in its stock price.
Discussions on social media show both optimism about potential catalysts after the merger, such as the expiration of warrants, and skepticism towards Strive's business fundamentals.
“I don't understand it. Why would Semler shareholders want this stock?” commented one user.
Despite the risks, the agreement represents a groundbreaking step in the consolidation of Bitcoin treasuries for corporations. The merger is not just about positioning the merged company as one of the largest public Bitcoin holders, but also signals a broader trend where publicly traded companies treat Bitcoin as a strategic reserve asset rather than an alternative investment vehicle.
Similar mergers may come in 2026 as companies seek to consolidate resources and leverage increasing crypto adoption among corporations.
The shareholder vote is open until January 13, 2026, when investors will decide whether to approve the merger.
If this is approved, the agreement could mark a significant milestone for corporate adoption of Bitcoin, changing both investors' access to crypto via stocks and the broader field of Bitcoin treasury strategies in the open market.
