Strive (ASST) Tumbles 12% as Semler Merger Drops 5,000 BTC on Balance Sheet

TLDR

• Strive shares dropped 12% after shareholders approved the all-stock acquisition of Semler Scientific, which adds 5,048 BTC to Strive’s treasury
• The combined company will hold 12,797.9 BTC, ranking it 11th among public corporate Bitcoin holders and surpassing Tesla’s holdings
• A 1-for-20 reverse stock split announced with the deal caught investors off guard and contributed to the stock decline
• Strive plans to monetize Semler’s medical diagnostics business and retire approximately $120 million in existing debt
• Both Strive and Semler shares have experienced extreme volatility, with initial surges of over 2,000% following Bitcoin treasury announcements before retracing

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Strive shares fell 12% on Tuesday after shareholders approved the company’s acquisition of Semler Scientific. The all-stock deal adds 5,048.1 Bitcoin to Strive’s existing holdings.

Strive, Inc., ASST

The asset management firm, co-founded by Vivek Ramaswamy, secured shareholder approval for the transaction. Following the merger, Strive’s total Bitcoin holdings will reach 12,797.9 BTC.

Strive separately announced the purchase of 123 additional Bitcoin for $11.3 million. The purchase price averaged $91,561 per coin. These purchases bring Strive’s standalone holdings to 7,749.8 BTC before the merger.

The combined company now ranks 11th among publicly traded Bitcoin holding companies. The new total surpasses the Bitcoin reserves held by both Tesla and Trump Media & Technology Group.

Investors reacted negatively to a surprise element of the deal. Strive announced a 1-for-20 reverse stock split of the combined company’s Class A and Class B common shares. The move will reduce the number of outstanding shares.

Reverse Split Drives Investor Concerns

Strive’s stock plummeted to as low as $0.90 following the announcement. Semler shares also fell nearly 10% on the news.

Strive CIO Ben Werkman defended the reverse split in a statement. He said the move aims to “align share price with institutional participation standards.” Strive’s stock had traded below $1 for much of the previous three months.

The company plans to monetize Semler’s operating business after the merger closes. Strive will work to retire existing obligations tied to Semler. These include a $100 million convertible note and a $20 million loan from Coinbase.

Treasury Strategy Stocks Show Pattern of Volatility

Digital asset treasury companies have faced extreme stock price swings. Shares typically rally sharply after Bitcoin strategy announcements before giving back gains.

Strive’s stock history illustrates this pattern. After announcing its Bitcoin treasury strategy on May 7, shares surged from $0.61 to a peak of $13.01 on May 22. That represents a gain of more than 2,000%. The stock currently trades at approximately $0.97.

Semler Scientific experienced similar volatility. The company announced board approval to adopt Bitcoin as its primary treasury reserve asset in late May 2024. It purchased 581 BTC at that time.

Shares climbed to $67.17 by December 9, up from roughly $30 in early May. The stock currently trades at about $20.

Japan-based Metaplanet shows a related pattern. The hotel operator became the world’s fourth-largest corporate Bitcoin holder with 35,102 BTC. Its stock traded near $34 when it announced its Bitcoin strategy in April 2024.

The shares climbed to roughly $232 by July. They reached a closing high of $1,781 on May 16, 2025. The stock has since retraced to around $528 but remains well above pre-announcement levels.

Many firms in the digital asset treasury sector now trade below the net asset value of their crypto holdings. This limits their ability to raise capital for expanding reserves. Mergers and asset consolidation have emerged as tools for scaling operations.

Strive stated it will maintain a lean corporate structure. The company plans to focus on Bitcoin operations and yield generation going forward.

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