ASST's stock performance is in question amid the prospect of a merger between Semler Scientific and Strive.

Semler Scientific (SMLR) and Strive Asset Management (ASST) are preparing to create one of the largest corporate Bitcoin vaults in the United States.

If approved by shareholders on January 13, 2026, this all-stock merger would combine the operations of the two companies to manage approximately 13,000 BTC, placing the new business among the top 11 publicly traded companies with the largest Bitcoin holdings in the world.

The merger of Semler Scientific and Strive could create a Bitcoin "giant" with a treasury of 13,000 BTC.

The agreement stipulates a conversion ratio of 21.05x, meaning each SMLR shareholder will receive 21.05 ASST shares for every SMLR share they hold.

The merger is not just a business consolidation, but also a strategic shift to focus on Bitcoin-centric business operations .

By allowing investors access to Bitcoin through shares, the new company will operate on a model pioneered by MicroStrategy , offering an option for institutions and funds that cannot directly hold crypto but still want to participate in the market.

The merger also allows the company to leverage Strive's digital credit platform, unlocking new financing possibilities and creating long-term value for shareholders.

On December 22, Strive CEO Matt Cole urged shareholders to support the deal, noting that ISS, a leading proxy advisory firm, also recommended approval.

Eric Semler, chairman of Semler Scientific, emphasized the strategic importance of the merger. He Chia that, combined, the company will hold nearly 13,000 BTC.

“This scale helps Strive better execute funding opportunities in the digital credit sector and optimize long-term shareholder value,” he said in a late December post.

Mr. Semler also confirmed he will join the Strive board of directors after the merger to jointly develop and create value. The agreement is designed to allow the business to proactively deploy its existing Bitcoin holdings into the digital credit market instead of passively holding BTC .

By combining crypto with financial services, the company aims to create new revenue streams and enhance the resilience of its balance sheet.

Strive Asset Management has merged with Asset Entities (ASST) to become the first publicly listed asset management company. This deal allows the combined business to enter the corporate Bitcoin vault market, following in the footsteps of larger players like Strategy.

Mixed investor sentiment among retail investors overshadowed the Strive-Semler merger, despite the allure of Bitcoin as a potential asset.

Despite the company's Bitcoin holdings attracting attention, investor sentiment has been quite mixed. Strive (ASST) stock price has fallen 96% from $18 in 2023 to just $0.77 by the end of December 2025. This has led many shareholders to question the true value of the merger.

Some investors are concerned that the 21.05x conversion rate is not attractive enough for SMLR shareholders, especially given the company's recent 50% drop in share price.

Discussions on social media revealed both expectations of breakthroughs following the merger, such as the expiration of the warrant, and skepticism about Strive's true business potential.

"I don't understand. Why would Semler shareholders want these shares?" one user asked .

Despite the inherent risks, this deal is a pioneering step in the wave of corporate Bitcoin consolidation. The merger not only helps the new company join the ranks of major Bitcoin holders but also demonstrates a trend of public companies increasingly viewing Bitcoin as a strategic reserve asset rather than just an alternative investment.

Similar deals could emerge in 2026 as more businesses seek to join forces and capitalize on the growing adoption of crypto in the enterprise sector.

The shareholder vote will remain open until January 13, 2026, at which point investors will decide whether or not to approve the deal.

If approved, the agreement would mark a significant milestone in the wave of Bitcoin adoption by businesses, dramatically changing how retail investors access crypto through securities and shaping Bitcoin storage strategies in the mainstream market.