Strive’s Crypto Merger with Semler Scientific Sparks Shareholder Backlash

A shareholder of Semler Scientific, a U.S.-based medical equipment company, has filed a to stop the company’s planned $1.34 billion merger with Strive Asset Management. This investment firm focuses on BTC. The complaint argues that the acquisition fails to consider shareholders’ interests adequately and exposes them to excessive risk due to the volatility of BTC prices.
The Background: A Merger Based on BTC
Strive announced in September 2025 that it would acquire Semler Scientific for $1.34 billion in stock, representing a 210% premium over Semler’s market value at the time.
Under the terms of the deal, Semler shareholders would get 21.05 shares of Strive for every share of Semler they own. This would merge the BTC holdings of both companies into a single holding of about 10,900 .
People said that the combination will bring together Strive’s BTC-first investment mentality with Semler’s more traditional healthcare activities. Both parties’ executives said the purchase will make one of the most significant corporate BTC holdings in the world and open up new revenue streams for Semler’s medical technology firm.
Shareholders Are Angry and Suing
Some shareholders, on the other hand, have strongly opposed the planned sale. The lawsuit in the Delaware Court of Chancery alleges that the shareholder is accusing Semler’s board of failing to conduct sufficient research and of not being transparent about the risks associated with BTC’s price fluctuations and Strive’s exposure to crypto markets.
The plaintiff argues that the merger would “transfer excessive risk” to current shareholders, whose equity could fluctuate significantly due to the market’s volatility.
The complaint also challenges how rapidly the merger was put together, reportedly within a week, and whether the board acted in the best interests of shareholders or rushed the process without thoroughly examining the regulatory and financial effects.
Concerns About The Market And What They Mean For The Future
later than the news came out, Semler’s stock initially rose because people were excited about the premium offer. But later, investors and analysts raised questions about how long a faltering business could last with a balance sheet full of cryptocurrencies.
People who watch the market say that this case shows how traditional corporate governance is becoming increasingly at odds with the new BTC treasury tactics that U.S. corporations are using.
As regulators pay more attention to crypto assets, the outcome of this lawsuit could affect how future hybrid mergers between traditional companies and BTC-focused businesses are set up.
The Semler–Strive merger shows both the ambition and the controversy that come with BTC’s expanding position in business finance. The case highlights the legal, financial, and governance concerns associated with such aggressive inroads into , as the company aims to become one of the world’s largest holders of BTC.
The Delaware court’s ruling on this issue could set a standard for how much firms can link the value of their shares to the performance of BTC and other cryptocurrencies.