Strive Asset Management, linked to entrepreneur Vivek Ramaswamy, has signed a definitive agreement to acquire Semler Scientific. The company intends to build one of the largest corporate bitcoin reserves, exceeding 10,900 BTC.
Under the terms of the deal, each Semler share will convert into 21.05 Strive Class A shares. That implies a 210% premium to the share price as of September 19.
The holding will continue under Strive’s current leadership. Semler’s chairman, Eric Semler, will join the board of the new structure.
Ramaswamy’s firm also said it purchased 5,816 BTC for $675m at an average price of $116,047, lifting its holdings to 5,886 BTC. Together with the 5,000 BTC on Semler’s balance sheet, the combined company would manage 10,900 BTC worth $1.2bn.
That would place Strive 11th among corporate holders of the first cryptocurrency.
At the time of writing, firms had accumulated about 1m BTC ($110.6bn) — 4.6% of the total supply of digital gold. The largest holder remains Strategy, with 638,985 BTC worth $72.3bn.
Ethereum treasuries
On September 22, ETHZilla announced a convertible debenture offering to raise $350m. Proceeds will be used to buy Ethereum and invest in the blockchain ecosystem.
Chief executive McAndrew Rudisill said the strategy envisages placing the second-largest cryptocurrency into yield-bearing assets in the network via layer-2 solutions and RWA projects.
“Our business model has significant scaling potential, fixed operating leverage and consistently positive cash flow,” he said.
The firm has already earned 1.5m unnamed tokens through participation in the ecosystem of the second-largest cryptocurrency.
Including a previous $156.5m raise, ETHZilla’s total funding would exceed $506m. If all proceeds are directed to Ethereum purchases, the company could add 120,000 coins to its current 102,000 ETH.
BitMine Immersion Tech remains in the lead, holding more than 2.4m ETH worth $10bn — 2% of the asset’s supply. The company plans to accumulate 5%.
Avalanche and Solana
The Nasdaq-listed AgriFORCE Growing Systems Ltd. will undergo a rebrand to AVAX One.
The firm intends to build a position in Avalanche of more than $700m. In its first private share placement, AVAX One has already raised $300m.
The structure is backed by Galaxy Digital, Kraken, ParaFi and Digital Currency Group. The board includes Anthony Scaramucci of SkyBridge Capital and Brett Tejpaul of Coinbase Institutional.
On the news, AVAX posted the biggest daily gain among the largest cryptocurrencies, rising more than 14% to $35.28.
Meanwhile, Helius Medical Technologies announced its first purchase of Solana as part of building a digital treasury. The firm bought 760,190 SOL at an average price of $231 per token.
Earlier in September, Helius said it had raised $500m led by Pantera and Summer Capital. The company plans to gradually increase its position in the cryptoasset over the next 12–24 months and “explore opportunities for staking and DeFi”.
At the time of writing, nine public companies had already accumulated 3% of Solana’s total supply. The largest holder is Forward Industries, which manages 6.8m SOL worth $1.5bn.
On September 17, the firm filed a prospectus with the SEC, disclosing plans to sell $4bn of stock. Proceeds will also go towards bolstering its crypto treasury.
On September 2, the Dogecoin Foundation’s official corporate structure — House of Doge Inc. — announced the creation of an official treasury based on the memecoin.