Semler Scientific Shareholders Approve Strive Acquisition Amid Market Decline

Semler Scientific Shareholders Approve Strive Acquisition Amid Market Decline

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In a significant move within the healthcare and cryptocurrency sectors, shareholders of Semler Scientific have approved the company’s acquisition by Strive Inc. in an all-stock transaction, first announced last September. However, the news has not been well-received by investors, with shares of both companies experiencing double-digit declines on Tuesday.

Strive, which trades on the Nasdaq under the ticker ASST, saw its stock plunge nearly 13%, trading at approximately $0.96. Meanwhile, Semler Scientific, listed as SMLR, dropped about 11%, hovering just above $20 per share. This market reaction raises questions about investor confidence in the merger and the future of the combined entity.

Once the acquisition is finalized, the newly formed company will boast a substantial Bitcoin treasury, holding a total of 12,797.9 BTC valued at around $1.1 billion. This positions Strive as the 11th-largest publicly traded holder of Bitcoin, surpassing notable companies like Trump Media & Technology Group and Block, Inc., founded by Twitter’s Jack Dorsey.

Currently, Semler holds 5,048.1 BTC in its corporate treasury, while Strive contributes 7,626 BTC. In a recent press release, Strive revealed it had also acquired an additional 123 BTC at an average price of $91,561, further solidifying its position in the cryptocurrency market.

Before pivoting to become a Bitcoin treasury company, Semler was recognized for its innovative medical devices aimed at combating chronic diseases, including its flagship QuantaFlo cardiovascular testing device. The company was an early adopter of Bitcoin, becoming the second U.S. public company to designate BTC as a primary treasury reserve asset in 2020.

Strive, founded in 2022 by Vivek Ramaswamy and Anson Fredericks, positions itself as an “anti-ESG” investment firm and has attracted significant backing from high-profile investors, including PayPal and Palantir co-founder Peter Thiel, Vice President JD Vance, and billionaire hedge fund manager Bill Ackman. The firm adopted Bitcoin as a treasury reserve asset last May, shortly before announcing its plans to acquire Semler.

As the market watches closely, the future of the combined company remains uncertain, with investors weighing the potential benefits of a robust Bitcoin treasury against the backdrop of a volatile market.