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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.

Super Micro Shares Drop 22% After Financial Report Raises Investor Doubts

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Super Micro shares fell sharply by 22% on Wednesday, hitting their lowest level since May of last year after releasing an underwhelming financial update. The company, a prominent server manufacturer, has been struggling with internal and regulatory challenges, causing its stock price to drop to $21.55—down by 82% from its peak in March, effectively erasing approximately $57 billion from its market capitalization.

The decline in share value follows the resignation of Super Micro’s auditor, Ernst & Young, making it the second auditing firm to part ways with the company within two years. Super Micro has not submitted audited financial statements since May and faces the threat of being delisted from Nasdaq if it does not file its annual results with the SEC by mid-November. Despite issuing preliminary quarterly financial results, the company failed to offer a timeline for when it might file its annual financials.

During a recent call with analysts, CEO Charles Liang confirmed the search for a new auditor but declined to discuss Ernst & Young’s resignation or governance issues. Liang did, however, emphasize Super Micro’s commitment to resolving its overdue financial reporting. Analysts at Mizuho suspended their coverage of Super Micro due to the lack of comprehensive financial data, while Wedbush analysts noted that the latest update from Super Micro left “more questions than answers.”

For the quarter ending on September 30, Super Micro reported net sales between $5.9 billion and $6 billion, missing analysts’ expectations of $6.45 billion but marking a year-over-year increase of 181%. The company’s business has experienced significant growth due to demand for servers equipped with Nvidia’s processors designed for artificial intelligence applications. Nevertheless, analysts expressed concern about the December quarter’s forecast, which fell below estimates with anticipated revenue between $5.5 billion and $6.1 billion—lower than the projected $6.86 billion—and earnings per share of 56 to 65 cents, below the expected 83 cents.

Amid these financial challenges, Super Micro’s stock had previously soared due to high demand for its AI-driven servers, specifically those utilizing Nvidia’s latest GPU, Blackwell. CEO Liang indicated that Super Micro is ready to deliver Blackwell-based servers, but Nvidia’s limited chip supply has impacted shipments. CFO David Weigand reassured investors that Super Micro maintains a robust relationship with Nvidia, which has confirmed no changes in its GPU allocations to the company.

Additionally, Super Micro’s board has appointed a special committee to investigate Ernst & Young’s concerns regarding the company’s financial practices. Following a three-month review, the committee reported no evidence of fraud or misconduct but recommended several improvements in internal governance. Super Micro affirmed its commitment to implementing these recommendations and taking all necessary actions to maintain its Nasdaq listing.