Strive (ASST) Stock: Merger Creates 11th Largest Corporate Bitcoin Treasury

TLDR

• Strive stock plunged 12% Tuesday after completing its Semler Scientific acquisition, which adds over 5,000 Bitcoin to company reserves
• The merger creates a combined Bitcoin treasury of 12,797.9 BTC, ranking Strive 11th among corporate holders globally
• An unexpected 1-for-20 reverse stock split sparked the selloff as investors questioned the timing and necessity
• Strive purchased an additional 123 BTC separately and plans to liquidate Semler’s medical device operations
• The company aims to eliminate $120 million in Semler debt while focusing exclusively on Bitcoin treasury operations

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Strive stock dropped 12% Tuesday following shareholder approval of its Semler Scientific acquisition. The all-stock deal transfers 5,048.1 Bitcoin from Semler to Strive’s balance sheet.

Strive, Inc., ASST

The asset manager co-founded by Vivek Ramaswamy now holds 12,797.9 BTC after the merger. This positions Strive as the 11th largest public company Bitcoin holder worldwide. The combined reserves exceed both Tesla and Trump Media & Technology Group.

Strive also disclosed a separate purchase of 123 Bitcoin for $11.3 million. The average cost per coin was $91,561. Before the merger, Strive’s standalone holdings totaled 7,749.8 BTC.

The stock tumbled to $0.90 at its lowest point Tuesday. Semler shares fell nearly 10% on the same day.

Reverse Split Rattles Markets

A surprise 1-for-20 reverse stock split announced with the deal drove much of the selling pressure. The split will consolidate both Class A and Class B common shares.

The reverse split reduces outstanding shares while maintaining each shareholder’s ownership percentage. However, retail investors often view such moves negatively.

Asset Monetization Plans

Strive intends to sell Semler’s medical diagnostics business after closing the transaction. The company will use proceeds to address roughly $120 million in Semler obligations.

These debts include a $100 million convertible note and a $20 million Coinbase loan. Market conditions will determine the exact timing of debt retirement.

The combined entity will operate with minimal overhead. Management plans to concentrate solely on Bitcoin treasury operations and yield generation strategies.

Bitcoin Treasury Stock Volatility Continues

Companies adopting Bitcoin treasury strategies have experienced wild price swings. Initial announcements typically spark massive rallies followed by steep declines.

Strive stock jumped from $0.61 to $13.01 after revealing its Bitcoin strategy in May. That’s a 2,000% gain in just 15 days. Shares now trade around $0.97.

Semler followed a similar trajectory. After announcing its Bitcoin pivot in May 2024, shares climbed from $30 to $67.17 by December. The stock currently sits near $20.

Metaplanet demonstrates the same pattern. The Japanese company announced its Bitcoin strategy in April 2024 at $34 per share. Shares peaked at $1,781 in May 2025 before falling to $528.

Many Bitcoin treasury stocks now trade below the market value of their crypto holdings. This discount makes traditional capital raises difficult. Mergers like the Strive-Semler deal offer an alternative path for growth.

Strive will maintain its lean structure while managing nearly 13,000 Bitcoin worth over $1.2 billion at current prices.

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