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The corporate Bitcoin treasury playbook just got another high-profile convert as Vivek Ramaswamy’s Strive (NASDAQ: ASST) on Sept. 22 announced a $1.3 billion all-stock acquisition of Semler Scientific (NASDAQ: SMLR).

The deal values Semler at $90.52 per share—a staggering 210% premium to the Sept. 19 close—while Strive simultaneously announced plans to purchase an additional 5,816 Bitcoin for $675 million.

For investors watching corporate America’s crypto adoption, this merger represents both validation of the Bitcoin treasury strategy and a potential preview of what’s coming next.

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Ramaswamy, the former Republican presidential candidate and longtime crypto advocate who co-founded Strive in 2022, is betting big that companies holding Bitcoin will outperform traditional cash-heavy competitors. He, who previously founded drugmaker Roivant Sciences (NASDAQ: ROIV) before leaving its board in February 2023 to focus on his presidential campaign, sees this acquisition as more than just financial engineering.

The timing couldn’t be better for Ramaswamy’s crypto thesis. Bitcoin has surged 20.5% this year, outpacing the S&P 500’s 13.3% gain, as regulatory wins have helped bridge the gap between cryptocurrency and traditional finance.

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While the headline-grabbing Bitcoin accumulation will capture attention, the strategic rationale reveals something deeper about how companies are thinking about digital assets. Semler isn’t just a crypto play—the company operates a legitimate healthcare business offering point-of-care tests that measure arterial blood flow in the extremities.

This dual-business model provides cash flow diversification while maintaining significant Bitcoin exposure, potentially offering a template for other companies considering similar strategies. The combined entity plans to fund future Bitcoin purchases using a “preferred equity only” model, avoiding the debt-fueled approach that has sometimes concerned traditional investors.

The market reaction was swift but mixed. Semler shares are down more than 20% from their Sept. 22 high of $36, while Strive has fallen 40% from its $4.26 peak, suggesting investors are still digesting the implications of this aggressive expansion strategy.