TLDR:
- Strive now holds 12,797.9 BTC, ranking 11th among public companies with Bitcoin treasuries
- The all-stock merger increases dilution but significantly boosts Bitcoin exposure per share
- Strive trades near BTC NAV with a modest 1.18x EV/NAV premium, signaling fair valuation
- New leadership appointments reinforce long-term Bitcoin conviction and strategy execution
Strive, Inc. has officially completed its acquisition of Semler Scientific, creating one of the largest Bitcoin-focused corporate treasuries in public markets. The all-stock merger positions Strive as the 11th largest corporate holder of Bitcoin globally.
This strengthens its leadership team and integrates a healthcare operating business alongside an aggressive Bitcoin accumulation strategy.
Strive–Semler Merger Strengthens Bitcoin Treasury Strategy
The acquisition was finalized on January 16, 2026. It consolidates two of the most prominent Bitcoin treasury adopters in public markets.
Under the deal, each share of Semler Scientific common stock was converted into 21.05 shares of Strive Class A common stock. In turn, it led to the suspension and delisting of Semler’s Nasdaq listing.
Following the merger, Strive now holds approximately 12,797.9 BTC. This makes it the 11th-largest public corporate holder of Bitcoin globally.
The company’s acquisition history reflects a conviction-driven strategy. All significant Bitcoin purchases are executed during periods of market weakness rather than price strength.
Notably, a major January tranche added over 5,000 BTC at an average cost of $95,524, underscoring a counter-cyclical accumulation approach.
Strive’s average Bitcoin cost basis of roughly $105,979 places current market prices near its breakeven level. While this limits short-term downside protection, it offers substantial upside leverage should Bitcoin resume its long-term growth trajectory.
The company now controls approximately 0.0609% of Bitcoin’s total supply, reinforcing its position as a meaningful institutional accumulator.
Valuation, Leadership Changes, and Forward Outlook
Strive’s equity valuation closely mirrors its Bitcoin exposure. With a market capitalization of about $1.19 billion and an enterprise value of $1.44 billion, the company’s Bitcoin net asset value stands near $1.22 billion.
An EV/NAV multiple of 1.18x suggests investors are paying only a modest premium for Strive’s corporate structure, management, and strategic optionality. The merger also reshaped Strive’s leadership.
Avik Roy was appointed Chief Strategy Officer, tasked with monetizing Semler’s healthcare operations, including early disease detection products. Roy brings a rare combination of medical, investment, and Bitcoin policy expertise.
Meanwhile, Joe Burnett joined as Vice President of Bitcoin Strategy, and former Semler Chairman Eric Semler became an independent board member.
Looking ahead, Strive plans to employ a “preferred equity only” leverage model, avoiding near-term debt maturity risks common in leveraged Bitcoin strategies.
By blending asset management, healthcare cash flows, and disciplined Bitcoin accumulation, Strive has positioned itself as a high-conviction, Bitcoin-levered public equity tightly aligned with the asset’s long-term performance.
