Strive’s $675M Bitcoin Bet, Ramaswamy Pushes Holdings Past 10,900 BTC

On September 22, 2025, Strive Asset Management, co-founded by entrepreneur and political figure Vivek Ramaswamy, completed a billion-dollar merger with healthcare company Semler Scientific. Right after the merger, Strive spent an additional $675 million on Bitcoin. This decision not only changes the direction of both companies but also makes Strive one of the largest corporate owners of Bitcoin in the world. This bold move has sparked discussions in the crypto community about whether it signals a new trend of institutions investing in Bitcoin or if it is just a risky bet. It is considered one of the most daring Bitcoin investment strategies since MicroStrategy started its large-scale Bitcoin purchases in 2020.

The agreement was structured as a $1.34 billion all-stock transaction. Semler shareholders will receive 21.04 Strive Class A shares for each Semler share, valuing their holdings at $90.52 per share. That represents a 210% premium over Semler’s last closing price before the deal, making it one of the most generous takeover premiums in recent memory. But the headline move was Strive’s announcement that it is buying 5,816 Bitcoin for $675 million. Adding these coins to existing reserves pushes the company’s total stash to over 10,900 BTC. At current prices, that hoard is worth more than $1.2 billion.

To finance future purchases, Strive outlined a “preferred equity only” strategy. In simple terms, this means it plans to issue equity rather than take on debt to fund Bitcoin buys, a contrast to MicroStrategy’s frequent use of convertible bonds.

Here’s a snapshot of the numbers:

Strive is not the first company to make Bitcoin part of its treasury, but its timing and scale are significant. Bitcoin has risen 20.5% year-to-date in 2025, outpacing the S&P 500’s 13.3% gain. For many institutions, this strengthens the argument that BTC is not only a speculative asset but also a competitive alternative to traditional stores of value. For Semler, known for its medical technology products, the acquisition means exposure to a whole new asset class. It will continue operating its healthcare business, but its corporate treasury now includes one of the largest Bitcoin holdings in the industry.

Comparing Strive to MicroStrategy

When MicroStrategy began purchasing Bitcoin in 2020, it set off waves of excitement and skepticism. Over time, its bold bet transformed the company’s image from a software firm to a Bitcoin proxy stock, attracting both institutional investors and retail traders. Strive’s strategy has similar hallmarks, a non-crypto company shifting its corporate identity by accumulating large amounts of Bitcoin. But there are differences. MicroStrategy leaned heavily on debt financing, while Strive is choosing equity. MicroStrategy’s CEO Michael Saylor has been the public face of its Bitcoin advocacy; Strive has Ramaswamy, who blends a biotech background, political influence, and financial ambition.

The implications of this deal ripple far beyond Strive and Semler. For institutions, this move validates Bitcoin as a corporate treasury asset. If more firms follow Strive’s lead, demand could increase dramatically, especially since supply is capped at 21 million coins. For retail investors, it provides indirect exposure. Buying shares in a company like Strive may become another way to benefit from Bitcoin’s rise, similar to how investors treat MicroStrategy. For the crypto market as a whole, corporate purchases tighten available supply. Combined with spot Bitcoin ETF inflows – which have already crossed tens of billions in 2025 – this could amplify upward pressure on price. For regulators, the deal underscores Bitcoin’s growing integration into mainstream finance, potentially influencing future policies.

What Comes Next?

The short-term question is whether this purchase helps push Bitcoin toward new highs. Analysts suggest that if Bitcoin maintains its momentum and crosses the $120,000 mark, Strive’s holdings could soar in value, validating its aggressive strategy. Looking further ahead, some predict a domino effect. If other firms adopt treasury strategies like Strive’s, institutional Bitcoin holdings could climb into the tens of billions. That might create conditions for BTC to test levels such as $200,000–$250,000 in the next few years, especially with upcoming halving events limiting new supply. Still, risks remain. Bitcoin’s volatility is legendary, and a sharp correction could put pressure on Strive’s balance sheet. Equity dilution, regulatory pushback, or global economic shocks could all temper enthusiasm.

Strive’s $675 million Bitcoin purchase, combined with its $1.34 billion merger with Semler, is more than just a corporate deal. It is a signal of how far Bitcoin has come in being recognized as a legitimate treasury asset. With more than 10,900 BTC in reserve, Strive now sits alongside MicroStrategy as a key player in the corporate Bitcoin space. Whether this is remembered as the start of a new wave of institutional adoption or as an overly ambitious gamble depends on what Bitcoin does next. For now, the move has set the stage for heated debates, bold predictions, and renewed attention on the role of digital assets in global finance.

The question for investors and onlookers alike is simple: Is this the beginning of Bitcoin’s next institutional era, or just another high-risk experiment?