We are advising Strive on the acquisition 

Davis Polk is advising Strive, Inc. on its acquisition of Semler Scientific, Inc. In addition, Strive announced the purchase of 5,816 bitcoin to its corporate treasury at an average price of $116,047 per bitcoin, for a total purchase price of $675 million inclusive of fees and expenses, bringing Strive’s total bitcoin holdings to 5,886. The combined company would own more than 10,900 bitcoin. The transaction is subject to the satisfaction of customary closing conditions.

Strive is the first publicly traded asset management bitcoin treasury company. Strive is focused on increasing bitcoin per share to outperform bitcoin over the long run. Strive currently holds 5,886 bitcoin. Since launching its first ETF in 2022, Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, has grown to manage over $2 billion in assets.

Semler Scientific is the second U.S. public company to adopt bitcoin as its primary treasury reserve asset and is a leader in medical devices and software to combat chronic diseases. By using proceeds from equity and debt financings, as well as cash flows from operations, Semler Scientific intends to strategically accumulate bitcoin. In addition, through its healthcare businesses, Semler Scientific and its wholly owned subsidiary CardioVanta, Inc. develop and market products and services for early detection and monitoring of chronic diseases. Semler Scientific’s flagship product, QuantaFlo, which is patented and cleared by the U.S. Food and Drug Administration (FDA), provides rapid point-of-care testing to measure arterial blood flow in the extremities. The QuantaFlo test aids in the diagnosis of peripheral arterial disease.

The Davis Polk corporate team includes partners Brian Wolfe and Evan Rosen, counsel Heather Weigel and associates Jeff (Zefang) Wu and Elizabeth Grace Osei. Partner Derek Dostal and counsel Michael Stromquist are providing capital markets advice. Partner Adam Kaminsky and associate Mackenzie Bouverat are providing executive compensation advice. Partner Kara L. Mungovan is providing tax advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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