Strive Acquires Semler, Raising Bitcoin Treasury to 12,798 BTC via All-Stock Deal
Strive Asset Management won shareholder approval in Q2 2025 to acquire Nasdaq-listed Semler Scientific in an all-stock transaction that combines Semler’s existing Bitcoin treasury with Strive’s asset-management business. The deal swaps Semler shares for Strive Class A stock and transfers roughly 5,048 BTC from Semler to Strive’s custody, lifting Strive’s reported holdings from about 7,750 BTC to 12,798 BTC without open-market purchases. Semler’s earlier 2023 BTC purchases and months of negotiation (late‑2024 interest, Q1‑2025 board agreement) preceded the transaction. Analysts view the merger as a precedent for asset managers using M&A to amass Bitcoin positions and note that the transfer reduces liquid supply by moving coins into long-term custody. Initial market reaction was muted—prices stabilised rather than spiking—because no coins were sold; some on‑chain flows shifted to long-term addresses. For traders: the deal signals increased institutional demand and a structural reduction in available BTC supply, which are bullish for longer-term price support, while short-term volatility is likely to be limited since the accumulation avoided open-market buying.
Bullish
The acquisition increases Strive’s Bitcoin holdings by ~5,048 BTC through transfer rather than open-market purchases, which reduces available supply without triggering buy-side price spikes. That structural decrease in liquid supply, combined with a credible institutional holder moving coins into custody, supports longer-term bullish fundamentals for BTC. Short-term price impact is likely muted because the deal avoided market-impact buying and no coins were sold; initial market reaction was stabilising. For traders, expect reduced tail risk from sudden sell-side moves by the transferred coins and moderate upward pressure over time as institutional accumulation via M&A becomes a strategy. Volatility may remain subdued near-term, with bullish bias for medium-to-long horizons.