Semler Scientific, Inc. (SMLR)

Semler Scientific, Inc. was a medical technology company founded in 2007 and based in Santa Clara, California. It developed and sold tools intended to help healthcare providers evaluate cardiovascular and vascular conditions in an office setting. Its principal product was QuantaFlo, a rapid test that measures blood flow in the extremities and is used to help assess peripheral arterial disease.

QuantaFlo was marketed to a range of clinicians, including cardiologists, internists, endocrinologists, nephrologists, podiatrists and family practitioners, as well as to health plans, integrated delivery networks and physician groups. The test takes only a few minutes and is performed during a routine patient visit. Semler sold the product mainly through a direct sales force and through selected distribution arrangements within the United States.

The company's shares were quoted on the over-the-counter market for a period before being listed on the Nasdaq Capital Market under the symbol SMLR. Over time Semler built a reputation as a small but profitable medical device company, with revenue concentrated in subscription-style arrangements for QuantaFlo. Its business was also exposed to changes in Medicare Advantage risk-adjustment programs and to the performance of its sales team.

In 2024 Semler adopted a treasury strategy of holding bitcoin as a primary reserve asset, funding purchases from cash flow and from capital raised through convertible notes and an at-the-market equity program. This made the stock trade in part as a bitcoin-linked equity. The company issued 4.25 percent convertible senior notes due 2030 in an aggregate principal amount of $100 million as part of its capital structure.

In September 2025 Semler agreed to be acquired by Strive, Inc., an asset management and bitcoin treasury company that had itself recently become publicly traded on Nasdaq under the symbol ASST. Under the merger agreement, each outstanding share of Semler common stock was to be converted into the right to receive 21.05 shares of Strive Class A common stock, with cash paid for fractional shares. Semler stock options were converted into options on Strive stock on the same exchange ratio.

The merger closed on January 16, 2026, with a merger subsidiary of Strive merging into Semler, which survived as a wholly owned subsidiary. Semler notified Nasdaq of the completion and asked it to suspend and delist the common stock, with the delisting expected to take effect before the open on January 20, 2026. Strive also assumed a guarantee of the convertible notes, and the company planned to file a Form 25 and a Form 15 to end its registration and SEC reporting obligations.