Semler Scientific (SMLR) and Strive Asset Management (ASST) are expected to build the largest corporate Bitcoin treasury in the United States.
If approved by shareholders on January 13, 2026, the operations of the two companies will be integrated through this merger in a full stock exchange method, managing approximately 13,000 BTC. As a result, the new corporation will immediately enter the top 11 publicly traded companies in terms of Bitcoin holdings.
Semler Scientific and Strive merger... BTC holding of 13,000?
In this transaction, an exchange ratio of 21.05 times will be applied. SMLR shareholders will receive 21.05 shares of ASST for each share of SMLR they hold.
This merger signifies a transition to a Bitcoin-centered corporate management strategy, going beyond a simple corporate merger.
By allowing investors to gain exposure to Bitcoin through stock investments, the post-merger company will mimic the model created by MicroStrategy. This provides a pathway for institutions and funds that cannot directly hold cryptocurrencies to participate in the market.
Furthermore, as a result of this merger, the newly established corporation will be able to utilize Strive's digital credit platform, which is expected to lead to profitable funding opportunities and long-term shareholder value creation.
On December 22, 2025, Matt Cole, CEO of Strive, urged shareholders to vote in favor, mentioning that ISS (a major proxy advisory firm) had issued a recommendation for approval.
Eric Semler, Chairman of the Semler Scientific Board, emphasized the strategic validity of the merger, revealing that the merged entity will hold approximately 13,000 BTC.
"This scale helps Strive pursue profitable funding opportunities in the digital credit sector and enhances its ability to maximize long-term shareholder value." โ Eric Semler, Chairman of the Semler Scientific Board, in a post at the end of December.
Semler has confirmed plans to join the Strive board after the merger to contribute to the creation of corporate value. The structure of the merger agreement ensures that the newly established corporation does not simply hold Bitcoin but can actively utilize it in the digital credit market.
With the integration of cryptocurrency and financial services, as well as lending businesses, the company plans to create new revenue streams and strengthen its financial structure.
Strive Asset Management has merged with Asset Entity (ASST) to become the first publicly listed asset management company. Consequently, the merged entity has entered the Bitcoin treasury corporate group and is now on par with firms like Strategy.
Investor sentiment is mixed... Despite the allure of Bitcoin treasury, the Strive-Semler merger remains uncertain.
There was high anticipation for the Bitcoin treasury, but investor sentiment has been mixed. Strive's stock (ASST) fell by 96%, from $18 in 2023 to $0.77 by the end of December 2025. As a result, shareholders are questioning the company value implied by the exchange ratio.
Some investors are concerned that the exchange ratio of 21.05 times will not provide sufficient compensation to SMLR shareholders. In particular, they point to the fact that the recent SMLR stock price has fallen by 50% as an issue.
On social media, there is a mixed response regarding expectations for major momentum post-merger, such as warrant expirations, and skepticism about Strive's performance.
"I don't quite understand. Why would Semler shareholders want this stock?" one user mentioned.
Despite the risks, this transaction is a pioneering attempt to solidify the corporate Bitcoin treasury. The merger represents a trend among publicly traded companies viewing Bitcoin as a strategic reserve asset, going beyond a simple integration of the two companies.
By 2026, there is also a possibility that similar mergers will emerge as several companies combine resources and the acceptance of cryptocurrencies by businesses increases.
The shareholder vote will be conducted by January 13, 2026. Investors will make the final decision on whether to approve the merger.
If approved, this transaction could mark a significant turning point in the history of corporate Bitcoin adoption. It is expected to transform both the accessibility of cryptocurrencies based on the stock market and the industry landscape surrounding Bitcoin treasury strategies.