On September 22, 2025, two Bitcoin For Corporations (BFC) members announced a transformative move in the evolution of corporate Bitcoin adoption. Strive, Inc. (Nasdaq: ASST), an Executive Member of BFC, entered into a definitive agreement to acquire Semler Scientific, Inc. (Nasdaq: SMLR), a Premier Member of BFC, in an all-stock transaction.

The deal represents one of the first major consolidations between publicly traded Bitcoin treasury companies, signaling a new phase of maturity in this emerging asset class. For corporations, capital allocators, and market observers, this merger underscores how Bitcoin is no longer a peripheral balance sheet entry — it is becoming the foundation for strategic growth, capital structure innovation, and shareholder value creation.

Deal Snapshot

The transaction delivers a 210% premium to Semler Scientific shareholders, with each Semler share exchanged for 21.05 Strive Class A shares. Alongside the merger announcement, Strive revealed the purchase of 5,816 Bitcoin for $675 million, at an average price of $116,047 per Bitcoin, bringing its treasury to 5,886 Bitcoin.

Upon closing, the combined company will control more than 10,900 Bitcoin, placing it firmly among the largest corporate holders globally. Leadership continuity is assured, with Strive’s management and Board of Directors remaining in place, and Semler’s Executive Chairman, Eric Semler, joining Strive’s board.

Strategic Capital Innovation

One of the most compelling aspects of this deal lies in Strive’s declared capital strategy. Unlike debt-driven accumulation models pioneered by Strategy (formerly MicroStrategy), Strive intends to rely exclusively on perpetual preferred equity to finance Bitcoin purchases.

This “preferred equity only” model is designed to eliminate the refinancing risks that accompany traditional debt maturities. By sidestepping the need to roll over debt in volatile markets, Strive is positioning itself as a more stable, long-term accumulator of Bitcoin.

Comparisons highlight just how differentiated corporate Bitcoin strategies are becoming. Strategy has leaned heavily on convertible debt to build scale. Metaplanet in Japan has innovated with moving-strike warrants and retail participation structures. The Blockchain Group in Europe has relied on Bitcoin-denominated bonds. Strive’s model adds another tool to the playbook: equity instruments engineered to maximize Bitcoin per share while avoiding balance sheet fragility.

The Membership Lens: BFC’s Network in Action

That two BFC members are at the center of this landmark transaction speaks volumes about the momentum within our network.

• Strive, an Executive Member, has pioneered the concept of a publicly traded asset management company with Bitcoin as its treasury backbone. Its mandate has been explicit: outperform Bitcoin itself by growing Bitcoin per share through innovative financing.
• Semler Scientific, a Premier Member, was the second U.S. public company to adopt Bitcoin as its primary treasury reserve asset. By financing accumulation through both equity issuance and cash flows from a profitable healthcare business, Semler built a dual strategy blending treasury innovation with operating income.

Together, these companies exemplify how members of the BFC ecosystem are not only adopting Bitcoin but also creating entirely new corporate archetypes in the process.

Beyond Treasury: A Dual Mandate

While the combined company will emerge as a scaled Bitcoin accumulator, Semler brings more than its treasury. Its diagnostics business has long been profitable, anchored by its FDA-cleared QuantaFlo system for detecting peripheral arterial disease.

Post-merger, Strive intends to explore monetizing or distributing this diagnostics unit, freeing capital for redeployment or providing direct value to shareholders. The combined company also highlighted ambitions to expand into preventative diagnostics and wellness.

The lesson for corporations is clear: pursuing a Bitcoin treasury strategy does not mean abandoning productive businesses. Instead, Bitcoin can serve as the anchor asset while operating units generate optionality — whether through spin-offs, monetization, or reinvestment.

Market Context & Investor Signal

The 210% premium offered to Semler shareholders is a powerful signal of investor appetite. It demonstrates that markets are willing to reward corporate balance sheets anchored in Bitcoin at levels far beyond traditional operating multiples.

This premium sets a new benchmark for how Bitcoin treasury companies may be valued going forward. It also illustrates a new pathway for growth: mergers and acquisitions as a mechanism for rapidly scaling Bitcoin holdings, alongside equity offerings and preferred structures.

Wall Street is beginning to recognize Bitcoin treasuries as not just novel strategies, but as capital engines capable of delivering outsized shareholder returns.

Leadership & Governance

The leadership continuity at Strive ensures strategic stability, while Eric Semler’s addition to the board strengthens the combined entity’s depth of experience. Strive brings its asset management expertise, while Semler contributes years of operating success and a record of being one of the earliest U.S. corporate adopters of Bitcoin.

This merger creates a leadership team that spans both finance and healthcare, united by a common belief in Bitcoin as the foundation of corporate strategy.

Implications for Corporate Treasuries

For CFOs, boards, and executives evaluating Bitcoin strategies, several lessons emerge from this transaction:

• Scale matters: Controlling more than 10,900 Bitcoin gives the combined company strategic relevance on a global stage.
• Capital structure innovation is key: Preferred equity models can reduce risk while maintaining access to capital.
• Premiums are achievable: Markets are rewarding bold balance sheet strategies, as evidenced by the 210% uplift for Semler shareholders.
• Optionality creates resilience: Combining Bitcoin accumulation with operating businesses can offer shareholders both financial and strategic upside.

This is not just about holding Bitcoin; it’s about engineering corporate structures to turn Bitcoin into a competitive advantage.

Future Outlook: The Era of Consolidation

The Strive–Semler deal marks the beginning of what could be a wave of consolidation in the Bitcoin treasury sector. As more public companies adopt Bitcoin strategies, mergers may become an increasingly attractive way to scale holdings quickly, reduce competition, and capture investor attention.

The combined entity now sits among the top tier of corporate Bitcoin holders, alongside Strategy, Metaplanet, and The Blockchain Group. This competitive layer of Bitcoin-native companies is racing to accumulate, refine capital models, and prove to shareholders that Bitcoin per share growth is the ultimate measure of success.

Conclusion: More Than a Merger

This transaction is more than a headline. It is a marker of Bitcoin’s deepening role in global capital markets and corporate finance. Strive and Semler Scientific, both members of the BFC network, are showcasing how corporations can not only adopt Bitcoin but use it to reshape capital structures, investor relationships, and operating strategies.

For corporate leaders watching closely, the lesson is clear: Bitcoin is no longer an experiment on the balance sheet. It is the foundation of bold corporate strategy, capable of driving shareholder premiums, fueling innovation, and setting new standards for value creation.

As always, BFC will continue to track, analyze, and equip corporations with the tools and frameworks to navigate this accelerating landscape.

Disclaimer: This content was written on behalf of Bitcoin For Corporations. This article is intended solely for informational purposes and should not be interpreted as an invitation or solicitation to acquire, purchase or subscribe for securities.