Strive Inc’s Bitcoin Power Move: Acquiring Semler Scientific to Top Tesla in BTC Holdings

Strive Inc, the asset management firm co-founded by Vivek Ramaswamy, has secured shareholder approval for an all-stock acquisition of Semler Scientific, creating a corporate Bitcoin heavyweight with a combined stash of 12,797.9 BTC. This bold merger positions the new entity as the 11th largest corporate holder of Bitcoin worldwide, overtaking giants like Tesla and Trump Media, and signals an aggressive push into digital asset treasuries amid growing corporate adoption of BTC.

• Strive merges with Semler Scientific, combining 7,749.8 BTC and 5,048.1 BTC for a total of 12,797.9 BTC.
• The merged entity ranks 11th globally among corporate Bitcoin holders, surpassing Tesla and Trump Media.
• Market response remains skeptical, with stock declines for both companies following the announcement.

The Merger: A Bitcoin Behemoth is Born

Strive Inc, managing over $2 billion in assets through its SEC-registered subsidiary Strive Asset Management, is making waves with this acquisition. The deal unites Strive’s 7,749.8 BTC with Semler Scientific’s 5,048.1 BTC, creating a formidable reserve of digital gold. Just recently, Strive bolstered its holdings by snapping up an additional 123 BTC at an average price of $91,561 each, shelling out over $11.2 million including fees. Semler Scientific, a publicly traded company primarily known for developing FDA-cleared medical devices, was among the first US firms to adopt Bitcoin as a core treasury reserve, building its position through a mix of equity raises, debt financing, and operational cash flows.

For those unfamiliar, a corporate treasury reserve is essentially a company’s financial safety net—think cash, bonds, or other liquid assets set aside for operations or emergencies. Adding Bitcoin to this mix, a trend kickstarted by MicroStrategy back in 2020, is a radical shift. Proponents argue that BTC, with its capped supply of 21 million coins and decentralized structure, acts as a hedge against inflation and currency devaluation—no central bank can dilute its value by printing more. But the flip side is brutal: Bitcoin’s price can swing wildly, and regulatory headwinds loom large. Strive and Semler are clearly betting on the upside, positioning themselves as pioneers in a potential financial revolution.

Semler’s pivot to Bitcoin is particularly intriguing. Unlike tech or finance firms, this healthcare company’s jump into digital assets raises questions about motive. Was it a visionary leadership call to diversify beyond traditional assets, or a response to financial pressures in the medical device sector? While specific motivations remain unclear, Semler began accumulating BTC several years ago, mirroring a growing belief across industries that decentralized currency could outshine conventional reserves. Strive’s leadership sees this merger as a turbocharge to their strategy, with Chairman and CEO Matt Cole projecting significant returns. For more details on the acquisition, check out the full report on Strive’s buyout of Semler Scientific.

“The Semler Scientific deal will continue Strive’s leading yield generation since inception of our Bitcoin strategy, boosting our 2026 1st quarter Bitcoin yield to over 15%, and is a win for both Strive and Semler Scientific shareholders.”

In simpler terms, Cole is banking on Bitcoin’s price appreciation or strategic use to deliver hefty profits—yields being the returns they expect to generate from holding or leveraging their BTC stash.

Market Skepticism: Why the Cold Shoulder?

Despite the hype from Strive’s corner, the market isn’t exactly rolling out the red carpet. Post-announcement, Strive’s stock plummeted by over 11%, while Semler Scientific’s took a hit of more than 9%. Investors seem to be muttering, “Nice Bitcoin haul, but we’re not sold just yet.” What’s behind this hesitation? For one, Bitcoin’s notorious volatility could be spooking shareholders—memories of the 2022 bear market, where BTC lost over 60% of its value, are still fresh. A sudden crash could turn Strive’s treasury into a liability overnight. Then there’s the integration risk: melding a healthcare-focused outfit like Semler with an asset management firm obsessed with digital currency isn’t a guaranteed smooth ride.

Beyond that, Semler brings financial baggage to the table—a $100 million convertible note (a type of debt that can convert into company stock under specific conditions) and a $20 million loan from Coinbase. Strive plans to monetize Semler’s healthcare business within 12 months, essentially looking to sell off or profit from its operations to streamline focus on Bitcoin. But if that timeline slips or the healthcare monetization flops, financial strain could complicate their grand BTC vision. Jeff Walton, Strive’s Chief Risk Officer, argues their approach minimizes opacity compared to traditional assets.

“The balance sheet is comprised of a transparent, digitally native asset, allowing risk to be observed and measured in real time, compared to more traditional balance sheets comprised of illiquid physical risks.”

Translation: Bitcoin’s public blockchain lets everyone see holdings and transactions instantly, unlike murky physical assets or complex financial instruments. Still, transparency doesn’t erase price swings, and investors appear unconvinced.

Strive’s Financial Toolkit: Beyond Bitcoin

Strive isn’t just playing the Bitcoin card—they’ve got other financial maneuvers up their sleeve. In November 2025, their IPO of a perpetual preferred equity instrument, dubbed SATA, was a runaway success, raising $200 million after an initial target of $125 million, with demand for another $100 million on top. For the uninitiated, preferred equity like SATA acts as a type of stock that prioritizes investors for dividends over common shareholders, a way to raise capital without diluting ownership too much. This cash influx shows investor confidence in Strive’s broader vision, even if the Semler deal itself drew shrugs.

Additionally, Chief Investment Officer Ben Werkman highlighted a recent reverse stock split, a move where a company reduces its outstanding shares to boost the price per share, often to meet exchange standards or lure institutional players.

“This proactive reverse split aligns our share price with institutional participation standards and opens our stock to a wider universe of investors.”

These steps signal Strive’s intent to build a robust financial foundation alongside their Bitcoin gamble, though they risk diverting focus from the core digital asset strategy if not executed with precision.

The Ramaswamy Factor: Politics Meets Crypto

Adding a layer of intrigue to this corporate saga is Vivek Ramaswamy, Strive’s co-founder and a figure who’s no stranger to the spotlight. Fresh off a brief stint as co-head of the Department of Government Efficiency, Ramaswamy resigned on January 20, 2025, following reported tensions with Elon Musk over the department’s direction. Now, with his eyes on a 2026 run for Ohio governor, his involvement in Strive’s Bitcoin push raises eyebrows. Is this a calculated move to align with the tech-savvy, anti-establishment crowd that often gravitates to crypto? Or simply a business decision rooted in financial disruption?

Ramaswamy’s public persona—often critical of centralized power—dovetails neatly with Bitcoin’s ethos of decentralization and freedom from traditional financial gatekeepers. Yet, his political ambitions could invite extra scrutiny, potentially from regulators or opponents who might question the intersection of high-stakes crypto bets and public office candidacy. Whether this adds credibility or complexity to Strive’s image remains an open question, but it undeniably keeps their moves under a public microscope.

Bigger Picture: Corporate Bitcoin Risks and Rewards

Zooming out, Strive’s acquisition of Semler is more than a one-off deal—it’s a snapshot of a seismic shift in corporate finance. Public companies now hold nearly 5% of Bitcoin’s total supply, a figure that reflects growing acceptance of BTC as a legitimate asset class. To put Strive’s 12,797.9 BTC in context, here’s how it stacks up against other corporate giants:

• MicroStrategy: Over 252,000 BTC (approx. $23 billion at $91,000 per BTC)
• Tesla: Around 9,720 BTC (approx. $885 million)
• Strive-Semler (post-merger): 12,797.9 BTC (approx. $1.16 billion)

Ranking 11th globally is no small feat, but it underscores both opportunity and risk. On the reward side, Strive’s aggressive treasury strategy could inspire smaller firms to allocate even a fraction of their reserves to Bitcoin, accelerating mainstream adoption—a goal we champion as advocates of financial freedom and effective accelerationism. If successful, they might prove BTC’s viability as a corporate hedge, paving the way for a future where digital assets rival cash or bonds in balance sheets.

But let’s not drink the Kool-Aid just yet. Concentration of such a volatile asset in corporate hands could spell disaster if the market tanks. Imagine a scenario where a major holder like Strive needs to liquidate during a crash—massive sell-offs could crater Bitcoin’s price, erode public trust, and trigger a domino effect across other corporate holders. Traditional financiers might scoff, arguing that tying a company’s fate to a speculative asset is sheer madness. Our counter? Bitcoin’s scarcity and transparency make it a unique shield against fiat erosion, even if the ride is bumpy. Sure, BTC can nosedive overnight, but isn’t that the cost of spearheading a financial uprising?

One might wonder if diversifying into altcoins or stablecoins could mitigate risks, but from a Bitcoin maximalist lens, that’s a distraction. Bitcoin’s dominance and first-mover advantage make it the flagship of decentralization—altcoins often fill niche roles or experimental use cases, which is fine, but Strive’s all-in approach on BTC aligns with the purest vision of disrupting the status quo. They’re not just holding digital gold; they’re forcing old finance to reckon with new freedom.

What This Means for Bitcoin

Strive’s power move could bolster Bitcoin’s legitimacy as a corporate asset, nudging more firms to view it as a serious reserve option. This might even contribute to price stability over the long haul as demand grows, though short-term volatility remains a given. As staunch supporters of informed adoption, we’re not here to peddle baseless price predictions or shill quick gains—unlike some corners of the crypto space with their nonsense charts and moonshot fantasies. Our focus is structural: Strive’s gamble is a test case for whether corporate treasuries can truly embrace decentralized tech, flaws and all.

Key Questions and Insights

• What does Strive’s acquisition of Semler Scientific mean for corporate Bitcoin adoption?
  It’s a bullish signal that companies are ready to stack serious BTC, reinforcing the trend of digital assets as treasury reserves, though market skepticism shows not everyone’s on board yet.
• How will Strive manage Semler’s healthcare business and debt load?
  They plan to monetize Semler’s medical operations within 12 months while tackling a $100 million convertible note and $20 million Coinbase loan, using preferred equity to ease financial pressure.
• Why did the market react negatively to the merger news?
  Stock drops of 11% for Strive and 9% for Semler suggest investor jitters over Bitcoin’s volatility, integration challenges, or general fatigue with crypto-heavy corporate plays.
• How does Vivek Ramaswamy’s political background tie into Strive’s strategy?
  His anti-establishment stance and 2026 Ohio governor run could amplify Strive’s disruptive image, drawing attention or scrutiny at the crossroads of politics and crypto innovation.
• How significant is a 12,797.9 BTC holding in the corporate sphere?
  Ranking 11th globally among corporate holders, it’s a hefty stake within the 5% of Bitcoin owned by public firms, spotlighting both the potential and the risks of concentrated ownership.

Strive’s latest play is a high-stakes wager with the potential to reshape how corporations view Bitcoin. Whether it’s a stroke of genius or a reckless overreach is anyone’s guess, but the clash between traditional finance and decentralized tech just got a lot juicier. As champions of disruption and financial sovereignty, we’re cheering for bold moves—but with eyes wide open. Strive must balance innovation with stability, and every step they take will be a lesson for the future of money itself.