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Ramaswamy-backed Strive to acquire Semler in $1.3B all-stock deal, boosting Bitcoin treasury

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Strive, the bitcoin-treasury company co-founded by former U.S. presidential candidate Vivek Ramaswamy, announced it will acquire Semler Scientific in an all-stock transaction valued at $1.34 billion. The deal gives Strive a bigger foothold in both healthcare and cryptocurrency, while sharply expanding its bitcoin holdings.

Semler shareholders will receive 21.04 Strive Class A shares for each Semler share, valuing Semler at $90.52—a more than 210% premium over its prior close. Following the announcement, Semler’s stock jumped 8.3% in early trading, while Strive shares slipped 8%.

The combined company will own over 10,900 bitcoin after Strive’s planned purchase of 5,816 additional coins worth about $675 million. Strive said it will use a “preferred equity only” funding model for future bitcoin acquisitions, signaling a commitment to building one of the largest corporate crypto treasuries.

Semler, based in healthcare technology, develops diagnostic tools including a point-of-care test that measures arterial blood flow in extremities. Its mix of medical business and bitcoin reserves makes it a unique acquisition target.

The deal follows Strive’s merger with Asset Entities earlier this year as part of its Nasdaq listing strategy. It mirrors the bitcoin-first treasury approach pioneered by Michael Saylor’s MicroStrategy, which began buying bitcoin with cash reserves in 2020.

Bitcoin has surged 20.5% in 2025, outpacing the S&P 500’s 13.3% gain, amid easing regulatory concerns and growing institutional adoption. Ramaswamy, a vocal crypto advocate, founded Strive in 2022 after launching drugmaker Roivant Sciences in 2014. He stepped away from Roivant’s board in 2023 to focus on politics.

Cantor Fitzgerald advised Strive on the deal, while LionTree Advisors represented Semler.

Allwyn acquires $1.6B stake in PrizePicks to fuel U.S. gaming expansion

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European lottery operator Allwyn announced it will buy a 62% majority stake in U.S.-based daily fantasy sports company PrizePicks in a deal valuing the firm at $1.6 billion. The acquisition marks a major step in Allwyn’s efforts to move beyond traditional lottery games and tap into the fast-growing U.S. digital gaming market.

The deal, set to close in the first half of 2026, positions PrizePicks as Allwyn’s flagship platform in the U.S. PrizePicks CEO Mike Ybarra said Allwyn’s backing would help accelerate nationwide growth: “We are in 45 states now. It’s my prediction that we will be in 50 states across the board, and this will be broadly accepted and regulated in the United States.”

Allwyn, part of Czech billionaire Karel Komarek’s KKCG investment group, has been diversifying aggressively. Beyond running lotteries in the UK, Italy, Austria, Greece, and the Czech Republic, it holds stakes in Kaizen Gaming (Betano brand) and Novibet, and manages the Illinois State Lottery through its U.S. arm. Earlier this year, it also announced a partnership with Formula One.

The PrizePicks acquisition reflects a push into higher-growth digital sectors, even as 90% of Allwyn’s revenues still come from lotteries. The transaction structure includes performance-based milestones that could raise PrizePicks’ enterprise value from $2.5 billion to $4.15 billion over three years.

Industry analysts note the move comes amid rapid U.S. gaming expansion since the 2018 repeal of PASPA, which legalized sports betting. Unlike sports betting, daily fantasy sports (DFS) are classified as a “game of skill,” allowing PrizePicks to operate in more states. The company is also exploring non-sports prediction markets, such as music and entertainment awards, and is investing in AI tools to enhance user decision-making.

Still, regulators have raised concerns about consumer protection as gamified platforms drive higher engagement, especially among younger users. Some U.S. states have imposed fines or opened inquiries into compliance practices. Bankers advising on the deal highlighted that iCasino (online casino gaming), still restricted to a handful of states, could eventually double the size of the regulated market if more states legalize it.

Allwyn plans to finance the PrizePicks stake with cash and debt, signaling its commitment to becoming a more diversified global gaming powerhouse.

Atlassian to acquire DX in $1 billion deal

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Atlassian (TEAM.O) announced on Thursday that it will acquire developer productivity platform DX for about $1 billion in cash and restricted stock. The move aims to enhance customer experience by providing deeper insights into AI investments and their impact.

The acquisition reflects the growing trend of enterprises boosting funding in AI technologies to drive innovation, improve efficiency, and strengthen competitiveness. Earlier this month, Atlassian also revealed a $610 million deal to buy The Browser Company, the maker of AI-driven Dia and Arc browsers.

DX helps companies collect and analyze engineering workflow data, measure productivity, and track the adoption of AI tools. Its enterprise customers include Pfizer (PFE.N), Pinterest (PINS.N), and Xero—all of which already use Atlassian’s platforms for planning and tracking projects.

“Atlassian’s mission is to help our 300,000+ customers ensure they’re making the right investments to win in the AI era,” said co-CEO Mike Cannon-Brookes in a blog post.

The deal is expected to close in the second quarter of fiscal 2026. Atlassian confirmed that it will not affect its previously issued fiscal 2027 adjusted operating margin target.