As cryptocurrency treasury company valuations experience significant declines in recent weeks, sector consolidation appeared inevitable, with timing being the primary uncertainty.
The consolidation phase has now commenced.
Strive (ASST) has finalized an agreement to acquire Semler Scientific (SMLR) through an all-stock transaction representing a 210% premium, equivalent to $90.52 per share based on Friday's closing price, according to an official announcement. The exchange ratio establishes 21.05 ASST shares for each SMLR share.
Post-merger, Semler's Executive Chairman Eric Semler is anticipated to join the combined company's board of directors.
Concurrently, Strive disclosed the acquisition of 5,816 bitcoin (BTC) valued at $675 million, averaging $116,047 per bitcoin.
Combining this purchase with Semler's existing holdings of approximately 5,000 BTC, the newly merged entity will possess over 10,900 BTC in total treasury reserves.
This strategic move occurs amid sustained downward pressure on Semler Scientific's stock valuation, which has traded substantially below the value of its bitcoin assets, effectively attributing negative value to its core medical equipment operations. The recent cryptocurrency treasury market correction has placed several companies in comparable valuation scenarios.
"This merger solidifies Strive's leadership position among premier Bitcoin treasury companies," stated Matt Cole, Chairman and CEO of Strive. "Our alpha-generation strategies and optimized capital structure provide long-term bitcoin outperformance potential."
ASST shares demonstrate premarket gains of 9.3% reaching $4.71, while SMLR shares remain untraded following the announcement after closing at $29.18 on Friday.