Strive Secures Shareholder Approval for Semler Scientific Acquisition, Adding 5,048 Bitcoin

What happened

On January 13, 2026, Strive, Inc. (ASST) announced that Semler Scientific shareholders approved the all-stock acquisition, transferring 5,048.1 Bitcoin to Strive as part of the deal. This move aligns with Strive's aggressive strategy to build a corporate bitcoin treasury, funded through dilutive equity and preferred securities, as detailed in the DeepValue master report. The report rates ASST as a potential sell, citing minimal recurring cash flow, a 12% preferred dividend, and risks from warrants and potential overpayment in acquisitions like Semler. While shareholder approval reduces near-term deal uncertainty, it does not address the core issues of dilution and execution risk that could erode per-share value. Investors should view this as a procedural step, but the structural weaknesses highlighted in the report remain unchanged.

Implication

The approval reduces execution risk for the Semler acquisition, moving it closer to completion and adding bitcoin to Strive's balance sheet. However, the all-stock transaction will increase share count, exacerbating dilution from existing warrants and preferreds, as warned in the master report. From an analytical perspective, this news does not alter the valuation concerns, with ASST trading at parity with its bitcoin holdings and offering no discount for structural risks. Investors must monitor final closing and funding costs, particularly the 12% preferred dividend, which could pressure returns if bitcoin underperforms. Overall, this development supports the base case scenario but reinforces the need for caution given the unfavorable risk/reward profile.

Thesis delta

The shareholder approval decreases the probability of deal failure, aligning with the base case scenario of the Semler transaction closing. However, it does not change the fundamental thesis of high dilution and execution risk, maintaining the potential sell rating. Future catalysts, such as final integration details and funding disclosures, will be critical to reassess the investment case.