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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.

Musk, Ramaswamy Aim to Curb Federal Agency Power Using Supreme Court Precedents

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Leaning on Landmark Rulings

Elon Musk and Vivek Ramaswamy, leaders of the newly formed Department of Government Efficiency (DOGE), announced plans to leverage recent Supreme Court decisions to reduce federal regulatory power. In a Wall Street Journal op-ed on Wednesday, they highlighted their intent to target what they describe as unnecessary, costly, and inefficient regulations.

The effort is rooted in the Supreme Court rulings in West Virginia v. EPA (2022) and Loper Bright v. Raimondo (2023), which curbed federal agencies’ ability to act without explicit Congressional authorization. Musk and Ramaswamy claim many current regulations exceed the legislative powers granted by Congress and argue the rulings provide a blueprint for dismantling overreach.

Partnership with Trump Administration

President-elect Donald Trump tapped Musk, the billionaire CEO of Tesla and SpaceX, and Ramaswamy, a biotech entrepreneur and former presidential candidate, to lead DOGE. They aim to identify regulations that could be suspended via executive action, allowing time for their review and potential repeal.

The duo emphasized their collaboration with Trump’s transition team to recruit a cadre of “small-government crusaders” tasked with reforming federal governance. These efforts will be coordinated with the White House Office of Management and Budget (OMB).

Strategic Focus

DOGE plans to focus on regulations across various sectors, targeting rules they believe stifle innovation and economic growth. Musk and Ramaswamy view the current conservative 6-3 Supreme Court majority as an opportunity to implement structural downsizing of federal agencies.

They argue that the initiative aligns with what they interpret as a public mandate for reducing government overreach. “This electoral moment presents a unique opportunity to modernize governance by eliminating burdensome regulations that hamper progress,” they wrote.

Criticism and Challenges

While the plan has drawn support from deregulation advocates, critics warn it could undermine critical protections related to health, safety, and the environment. Legal experts also anticipate challenges to sweeping regulatory rollbacks, potentially leading to protracted court battles.

Observers highlight that balancing deregulation with public accountability and governance effectiveness will be a key test for DOGE’s approach.

Looking Ahead

As DOGE prepares its list of regulations for President Trump’s review, the agency’s impact will depend heavily on its ability to navigate legal, political, and public scrutiny. With Musk and Ramaswamy at the helm, the initiative underscores a broader push to redefine federal oversight in favor of private-sector-led innovation and efficiency.