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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.

Bitcoin Surges Past \$116,700 While Ethereum and Altcoins Hold Steady Before Fed Policy Update

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The cryptocurrency market is showing signs of steady momentum as investors await the outcome of the U.S. Federal Reserve’s policy decision scheduled for Wednesday. XRP remains at $3.01 (roughly Rs. 260), while Binance Coin (BNB) continues its upward push to $948 (roughly Rs. 82,000). Solana (SOL) saw a minor decline to $234 (roughly Rs. 20,300), and Dogecoin (DOGE) trades around $0.265 (roughly Rs. 260). Analysts say traders are closely monitoring institutional flows and macroeconomic signals, which will likely shape the market’s next direction.

According to Edul Patel, CEO of Mudrex, the crypto market is gaining traction, partly fueled by supply-side dynamics. He cited Glassnode data showing that more than 44,000 BTC were withdrawn from exchange reserves in September alone. This tightening of available liquidity could ease immediate selling pressure. Patel added that gold’s recent rally to record highs may reinforce Bitcoin’s bullish outlook, creating additional support for the world’s largest cryptocurrency.

Market analysts at CoinSwitch emphasized Bitcoin’s symmetrical trading pattern, suggesting that compression in price movement could lead to a decisive breakout. They also highlighted that the upcoming Fed decision is a key driver of market sentiment, with growing speculation around a possible 25 basis point rate cut. Softer inflation numbers and weaker labor market data have strengthened these expectations. Furthermore, discussions around the proposed U.S. Bitcoin Strategic Reserve Act are adding to the long-term bullish narrative, potentially influencing both demand and regulation.

CoinDCX researchers pointed out that Bitcoin registered a solid rise before the daily close, bolstering bullish momentum. The team noted that BTC continues to form higher highs and higher lows, which keeps altcoins in a phase of consolidation. While XRP and BNB have shown relative strength, ETH, SOL, DOGE, and ADA are struggling to defend key support zones. Sentiment remains cautious but steady, with investors awaiting both regulatory clarity—such as the SEC’s delayed review of the Truth Social Spot Bitcoin ETF—and the Fed’s policy announcement before making major moves.

Bitcoin Treasury Firms See Share Prices Plunge as Crypto Rally Fades

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Shares of companies that buy and hold bitcoin and other cryptocurrencies on their balance sheets have slumped sharply, reflecting the cooling of the crypto frenzy that has dominated markets through much of 2025.

These “digital asset treasury companies” — firms that raise cash through stock sales or debt to purchase crypto — had soared earlier this year as bitcoin hit record highs and U.S. President Donald Trump threw political support behind the sector. Now, with sentiment fading, many are facing steep reversals.

Key Declines

  • MicroStrategy (Michael Saylor’s firm): Shares slid from $457 in July to $328, their lowest since April, cutting 2025 gains to just 13%.

  • Metaplanet (Japan): Down 60% from June peak, though still up 105% year-to-date.

  • Smarter Web Company (UK): Shares fell 70% since June after pivoting to a bitcoin-buying strategy.

  • Alt5 Sigma: Down 61% from June high, even after announcing a $1.5B deal with Trump’s World Liberty Financial crypto venture.

  • BitMine (Peter Thiel-backed) and GameSquare: Both plunged about 67% since July after ether-buying announcements.

Analysts’ Take

The pullback highlights the speculative nature of these stocks.

  • “These are essentially volatility plays … if bitcoin is down 3%, they’re down four or five times as much,” said Kaiko’s Adam McCarthy.

  • “Beyond their bitcoin exposure, most have only modest fundamentals, so their valuations don’t have much of a cushion,” added Lale Akoner of eToro.

  • McCarthy warned that some firms are “selling a crypto narrative to pump their equity value” rather than building sustainable businesses.

Bigger Picture

  • At least 61 public companies worldwide (outside the crypto sector) have adopted bitcoin treasury strategies, Reuters reported earlier this year.

  • When share prices tank, some firms’ market value dips below their crypto holdings, raising questions about sustainability.

  • Companies also risk losing access to capital markets to fund further crypto purchases when sentiment turns negative.

What’s Next

While treasury-driven crypto hype is faltering, the broader sector remains active. Gemini, the exchange founded by Cameron and Tyler Winklevoss, is set to debut on Nasdaq Friday, targeting a valuation of up to $3.08 billion after raising its IPO price range.