Strive Inc., an asset management company led by former presidential candidate Vivek Ramaswamy, has agreed to acquire Semler Scientific, making the merged entity one of the largest corporate Bitcoin holders.
In a Monday announcement, the two companies stated that this all-stock transaction will provide Semler shareholders with Strive shares instead of cash. Each share of Semler stock will be exchanged for 21.05 shares of Strive Class A stock, representing a 210% premium over Semler's pre-transaction price.
Simultaneously with the merger, Strive disclosed that it has purchased 5,816 Bitcoins at a cost of approximately $675 million, increasing its total holdings to 5,886 BTC. Prior to the acquisition, Strive was relatively small in the Bitcoin treasury space, with only 70 BTC on its books.
The merged company will now control over 10,900 BTC, making it the 12th largest publicly traded Bitcoin holder—ranking ahead of Hut 8 Mining, Block Inc., and Galaxy Digital, according to industry data.
Ramaswamy first outlined Strive's Bitcoin treasury strategy in May, coinciding with the company's plan to go public through a reverse merger.
Medical technology company Semler Scientific has adopted Bitcoin as its primary treasury reserve asset in 2024, steadily building its holdings through multiple purchases. Its latest financial results were mixed, showing a 43% year-over-year decline in revenue, but a net income of $66.9 million.
The Strive-Semler Scientific merger comes at a time when digital asset treasury companies are on the rise, having accumulated billions of dollars in Bitcoin, along with lesser amounts of other cryptocurrencies like Ethereum (ETH) and Solana (SOL).
According to Standard Chartered Bank, this transaction may also highlight a broader trend: the compression of market net asset value (mNAV), which could increase financial risk and make expansion more difficult.
For cryptocurrency finance executives, mNAV represents the ratio of a company's enterprise value to its digital asset holdings. When this ratio falls below 1, expanding reserves becomes more challenging and riskier, especially through debt financing.
Standard Chartered recently noted that under these conditions, industry consolidation is likely to occur, with larger, more liquid participants able to withstand volatility and raise funds for acquisitions. The bank stated that if mNAV remains low, stronger companies may acquire weaker competitors.
HashKey Capital CEO Deng Chao recently warned that only cryptocurrency treasury companies with long-term strategies can "survive in any market," emphasizing the importance of building lasting value rather than chasing short-term gains.
"Digital assets themselves are not inherently unsustainable; the key is how to manage them," Deng told Cointelegraph.
Related: Nasdaq-listed Flora Growth launches $401 million treasury to support Zero Gravity (0G)
Original article: “Ramaswamy-backed Strive acquires Semler Scientific for Bitcoin (BTC) treasury merger”
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