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In The Media

deal math unpacks itself, showing how you can turn equity dilution

by Larry Chiang on September 24, 2025

Two bitcoin treasury companies buy each other
– Adam Livingston’s X post highlights Strive’s ($ASST) acquisition of Semler Scientific ($SMLR) through an all-stock deal, emphasizing how this move significantly increases Strive’s Bitcoin holdings without spending fiat currency, effectively turning equity dilution into a strategy for accumulating more Bitcoin per share.
– The acquisition is framed as a pioneering move in the “acquisition arbitrage era,” where Strive exploits the gap between the market value of Semler’s shares and the intrinsic value of its Bitcoin holdings, suggesting a new paradigm for Bitcoin treasury companies that could pressure other undervalued firms to reconsider their strategies.
– This deal not only combines the Bitcoin treasuries of both companies, nearing 11,000 BTC, but also sets a precedent for future mergers and acquisitions in the sector, potentially reshaping how public companies approach Bitcoin as a corporate asset, especially in light of recent market dynamics where institutional buying has coincided with price drops.
Strive ($ASST) just swallowed Semler Scientific ($SMLR) using freshly minted shares as bait, walked away with a mountain of cheap Bitcoin, and left Wall Street clutching its pearls. 
Watch as the deal math unpacks itself, showing how you can turn equity dilution into a BITCOIN HOARDING SPREE.
This is the acquisition arbitrage era, where NAV gaps get strip-mined, diagnostics labs morph into coin vaults, and every undervalued treasury company feels the cold breath of an all-stock predator.

 
 
Adam Livingston
⁦‪@AdamBLiv‬⁩
🔥STRIVE ACQUIRES SEMLER – THE NEW ERA OF BITCOIN TREASURY COMPANIES🔥

Strive ($ASST) just swallowed Semler Scientific ($SMLR) using freshly minted shares as bait, walked away with a mountain of cheap Bitcoin, and left Wall Street clutching its pearls.

Watch as the deal math pic.x.com/o3WiVTNUzY

 
9/22/25, 1:13 PM
 
 


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