Strive's shares experienced a 12% decline on Tuesday following the announcement of an acquisition deal with Semler Scientific, aimed at significantly increasing Strive's Bitcoin reserves.
The agreement, conducted entirely in stock, will incorporate Semler's 5,048.1 Bitcoin into Strive's treasury, boosting the total to 12,797.9 BTC. This move solidifies Strive's position as the 11th largest publicly traded Bitcoin holding company, according to data from BitcoinTreasuries.NET. Additionally, Strive has purchased an extra 123 Bitcoin, raising its standalone holdings to 7,749.8 BTC.
As part of the acquisition strategy, Strive intends to monetize Semler’s operational business and address existing financial commitments, which include a $100 million convertible note and a $20 million loan from Coinbase, contingent on market conditions. Moreover, the merger involves a 1-for-20 reverse stock split of the combined company’s Class A and Class B common shares, reducing the total number of shares available.
This transaction comes after Strive's initial Bitcoin treasury announcement on May 7, which saw its stock price surge dramatically from $0.61 to a peak of $13.01 by May 22, marking an increase of over 2,000% before it retraced to about $0.97.
Semler Scientific has seen similar stock volatility, with its shares rising from around $30 in early May to $67.17 by December 9, after announcing the adoption of Bitcoin as its primary treasury reserve. However, its shares have since fallen to approximately $20.
A comparable pattern emerged with Metaplanet, a Japanese hotel operator and now the fourth-largest corporate Bitcoin holder with 35,102 BTC. Metaplanet’s stock rose from $34 to $232 following its own Bitcoin treasury announcement in April 2024, peaking at $1,781 in May 2025 before settling around $528, as reported by Yahoo Finance.
These fluctuations highlight the volatile nature of public companies adopting digital assets as part of their financial strategies, with initial stock gains often followed by significant corrections.