Core Viewpoint - Strive shareholders approved the acquisition of Semler Scientific, but the announcement of a one-to-20 reverse stock split surprised investors, leading to declines in share prices for both companies [1][3]. Group 1: Acquisition Details - The all-stock transaction will transfer Semler's 5,048 BTC to Strive, resulting in a combined total of nearly 12,798 Bitcoin, positioning the new entity ahead of Tesla and Trump Media & Technology Group in Bitcoin reserves, ranking 11th among corporate holders [2]. - Strive's recent purchase of 123 BTC for $11.3 million at an average price of $91,561 is included in the total Bitcoin holdings [2]. Group 2: Stock Split and Market Reaction - The reverse stock split aims to align Strive's share price with institutional participation standards, as the stock had been trading below $1 for much of the past three months [3]. - Following the announcement, Strive's stock dropped to as low as $0.90 and traded 12% lower, while Semler shares fell nearly 10% [3]. Group 3: Management Perspective - Strive's CEO, Matt Cole, characterized the reverse split as "meaningless from a valuation standpoint," but noted it would facilitate institutional investment in the stock [4]. Group 4: Industry Context - The merger and stock maneuver highlight consolidation pressures in the digital asset treasury sector, as investor enthusiasm has diminished alongside falling stock prices [5]. - Many firms in the sector are trading below the net asset value of their crypto holdings, which restricts their ability to raise capital for expansion [5]. - Mergers and asset roll-ups are becoming essential strategies for scaling operations and enhancing market visibility [5]. Group 5: Financial Strategy - Strive plans to monetize Semler's medical diagnostics business and eliminate approximately $120 million in outstanding debt, which includes a $100 million convertible note and a $20 million loan from Coinbase [6]. - The company intends to maintain a lean corporate structure, focusing on Bitcoin operations and yield generation [6].