NEW: In their first joint interview since Strive’s acquisition of Semler Scientific, Matt Cole and Eric Semler share why they combined forces in a landmark Bitcoin treasury deal and what it signals for the broader market. Timecodes: 00:00 Why Did $ASST Acquire $SMLR? 5:51 Why pursue a “Preferred Equity... Only” model? 7:43 The Future of Semler Scientific’s Medical Business 10:57 Strive’s Bitcoin Accumulation Plan 15:44 Is This Acquisition Starting a Consolidation Wave? 18:44 How Should Investors View Bitcoin Equitiesshow more

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Disappointed in Eric talking about the "210% premium" like its a shareholder win, when all it does is calibrates the buy to around the ASST PIPE price. SMLR isn't going to 3.1x... ASST will re-calibrate downward by that much to its fair market value.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Same play as $GDC definitive agreement in place for 7,500 BTC plus other assets from Pallas should execute completion this week.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Well, let's see how far the $ASST prices drops to prior to shareholder meeting. $SMLR should've negotiated collars on this deal. If $ASST prices drops below a certain level, shareholders may reject this deal.

Let’s be clear—this “interview” is a confession how they will screw $ASST shareholders! Cole says: “Why acquire $SMLR? They have 5,070 BTC we want.” Means: This isn’t a merger for growth or synergy—it’s a straight treasury raid. $ASST is using paper stock as currency to seize Bitcoin. Shareholders aren’t buying into a stronger operating company; they’re underwriting a BTC land‑grab. Cole says: “We’re giving stock, not cash, so no dilution hit.” Means: That’s a sleight of hand. They’re issuing 600M+ shares through preferred equity that converts later. The dilution is guaranteed—it’s just deferred until after the deal closes, when retail can’t stop it. Cole says: “We pursued a preferred equity only model.” Means: This is a cosmetic trick. By calling it “preferred,” they hide the fact that it’s still equity issuance. Once converted, it floods the float. It’s not protection—it’s camouflage. Semler says: “Pivoting to BTC treasury lets us raise $1.5B without selling BTC.” Means: Translation: retail equity is the ATM. They’ll dump stock into the market to fund BTC buys, while the Bitcoin they already hold remains untouched. Shareholders are the liquidity exit. Cole says: “We’re at 0.009–0.012 BTC per $1K raised.” Means: They don’t care about price. They’ll sell stock at any level, as long as they can point to BTC per share optics. That makes your equity disposable—the only scoreboard is how much Bitcoin they can stack. Cole says: “The merger boosts BTC per share despite infinite issuance.” Means: He admits the model is endless printing. Equity fundamentals are irrelevant. They’ll keep issuing as long as they can spin the BTC optics, while retail ownership gets diluted into dust. Cole says: “This starts a consolidation wave—investors will pay 1.5–2.5x NAV like MicroStrategy.” Means: They’re conditioning you to accept permanent overvaluation as “normal.” Retail pays inflated multiples while insiders arbitrage the spread and accumulate BTC at your expense. Semler says: “Medical business throws off $50M/year in cash.” Means: That cash isn’t for reinvestment or growth—it’s a BTC slush fund. The operating business is just a cover story to justify printing shares and funneling proceeds into Bitcoin. Semler says: “Investors should view BTC equities as yield machines, not stocks.” Means: They’re telling you outright: $ASST isn’t an equity investment. It’s a synthetic BTC wrapper. Fundamentals don’t matter, shareholder value doesn’t matter—only treasury accumulation for insiders. Bottom line: Every line of this transcript is a tell. The “preferred equity only” model is a disguise, the “no dilution” claim is a lie, and the “BTC per share” mantra is a weapon to normalize endless printing. Retail shareholders aren’t partners—they’re the fools being uses as fuel being burned so insiders can stack Bitcoin.

Thank you for this. Clear and concise explanation is great to hear and find out more about the back end mechanics. Appreciate its early days and volatility is expected, but can we also have some leadership dialogue about the current $asst share price. Rumours and fud spreading like wildfire online and a CEO being able to calm the nerves would be 🙌

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Hey @grok how is this merger help anyone? Since the merger I believe Strive has lost 30x the market cap of SMLR and it’s been two days? What operations do they plan on integrating for synergy? Or is this just a grift?

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@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital This deal has no shot at going thru. $SMLR shareholders will shoot it down, with the way $ASST is tanking lately. ASST will be forced to do at minimum a 10 for 1 Reverse Split, Maybe even a 20 for 1. Who in their right mind would sign up for that. Answer: Nobody.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital @ColeMacro Totally scammers how can stock fall 50% with all the good news. Or ASST manipulated prices too heavy

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital They are rich and happy, shareholders r fukked

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital explain this.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Very timely and great info. Enjoyed hearing Matt's arguments for the value of this M&A deal for them beyond just the obvious. I agree with both of them we will see many more M&A deals in the treasury arena.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Natalie get hotter by the day!

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Congrats guys and with your all-star dream team you are destined to win! 💪🏼

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Thanks for taking my port down 25% asst

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Just when you thought Eric Semler couldn’t destroy anymore value…. He traded stock with a MNav of .86 for shares with an MNav of 1.3x in the ASST Congratulations! Eric Semler just gave away 1/3 of his BTC per share!!!!

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Amazing lack of facts about the terms of the merger itself, but as this is just paid advertising, no surprises.

This was an absolute wallet job by Strive…. The shares received by SMLR shareholders based on the current price of SMLR will be valued at 1.3X the fully diluted MNav of the Combined company. The warrants on $750 million really screw this deal for new shareholders. Why? The $750 million for exercise doesn’t come for 5 years but they are priced based on the company today. They won’t buy a similar amount of BTC that ASST just both with $750 million, they will buy it much higher in five years and that will dilute the crap out of SMLR and ASST new shareholders. They will issue the same amount of shares to buy 1/5 the Bitcoin in five years when the price is 5x. Fully diluted shares including exercising warrants before the deal is 1.216 Billion shares. New ASST shares to SMLR = 17.05 million X 21.05 = 359 million new shares. Total FD shares post merger 1.575 Billion shares. Equivalent value in ASST per share based on market price of SMLR, is $32/21.05=$1.52 per ASST share. $1.52x1.575billion shares = $2.394 Billion- $750 million to be received in 5 years. 1.795Billion market cap. 10,900 bitcoin x112000= $1.22 Billion BTC Value. New MNav of SMLR based on Market? 1.47x MNav… Semler gave away 1/3 of its BTC per share to ASST shareholders.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital

Might have asked them if $ASST & $SMLR are still going to have Eric Semler's & @IIICapital goal of 105,000 Bitcoin by year end 2027? Also is Joe Burnett going to stay on in a strategic role? 2 great questions for ya in future conversations. 💪💪 Great job Natalie with this interview! 👏 👍

@SemlerEric @ColeMacro @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital What a dumpster fire. A couple of non leaders pretending to be important. We see through both of you. #LARP

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital @grok summarize

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital 🔑 It’s becoming clear: visionary companies aren’t buying Bitcoin for today’s price, but for the independence it secures in the future.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital You forgot to say youre on the board so not really a neutral interview is it... Happy stock manipulators - the sec is coming.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital The deal premium is now ~100%, down from 210% and it's dropping fast as $ASST share price plummets. The effective conversion price is ~$60 (not $90 as Eric Semler suggested). Why $SMLR didn't negotiate a collar is beyond me.

Lets be clear EVERYTHING said here in this "interview" is a confession of how they are screwing retail!!! Cole says: “Why acquire SMLR? They have 5,070 BTC we want.” Means: This isn’t a merger for growth or synergy—it’s a straight treasury raid. ASST is using paper stock as currency to seize Bitcoin. Shareholders aren’t buying into a stronger operating company; they’re underwriting a BTC land‑grab. Cole says: “We’re giving stock, not cash, so no dilution hit.” Means: That’s a sleight of hand. They’re issuing 600M+ shares through preferred equity that converts later. The dilution is guaranteed—it’s just deferred until after the deal closes, when retail can’t stop it. Cole says: “We pursued a preferred equity only model.” Means: This is a cosmetic trick. By calling it “preferred,” they hide the fact that it’s still equity issuance. Once converted, it floods the float. It’s not protection—it’s camouflage. Semler says: “Pivoting to BTC treasury lets us raise $1.5B without selling BTC.” Means: Translation: retail equity is the ATM. They’ll dump stock into the market to fund BTC buys, while the Bitcoin they already hold remains untouched. Shareholders are the liquidity exit. Cole says: “We’re at 0.009–0.012 BTC per $1K raised.” Means: They don’t care about price. They’ll sell stock at any level, as long as they can point to BTC per share optics. That makes your equity disposable—the only scoreboard is how much Bitcoin they can stack. Cole says: “The merger boosts BTC per share despite infinite issuance.” Means: He admits the model is endless printing. Equity fundamentals are irrelevant. They’ll keep issuing as long as they can spin the BTC optics, while retail ownership gets diluted into dust. Cole says: “This starts a consolidation wave—investors will pay 1.5–2.5x NAV like MicroStrategy.” Means: They’re conditioning you to accept permanent overvaluation as “normal.” Retail pays inflated multiples while insiders arbitrage the spread and accumulate BTC at your expense. Semler says: “Medical business throws off $50M/year in cash.” Means: That cash isn’t for reinvestment or growth—it’s a BTC slush fund. The operating business is just a cover story to justify printing shares and funneling proceeds into Bitcoin. Semler says: “Investors should view BTC equities as yield machines, not stocks.” Means: They’re telling you outright: ASST isn’t an equity investment. It’s a synthetic BTC wrapper. Fundamentals don’t matter, shareholder value doesn’t matter—only treasury accumulation for insiders. Bottom line: Every line of this transcript is a tell. The “preferred equity only” model is a disguise, the “no dilution” claim is a lie, and the “BTC per share” mantra is a weapon to normalize endless printing. Retail shareholders aren’t partners—they’re the blind fools being used as fuel being burned so insiders can stack Bitcoin.

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital @grok bitte das, Video Kurs erzälen

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital It seems asst shareholders are seeing a high decline of stock value every day, are there any hope on the horizon for the original stockholders of asst?

@TimKotzman @ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Bitcoin treasuries just went corporate, the consolidation wave is real 🌊🟠

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Any deal under the market value of the BTC holdings would be a violation of fiduciary duty of a CEO. As of today 600 Mio in BTC for 350 Mio in ASST. If a company can't continue alone, there is the possibility to close, pay dept and pay out the shareholders instead of selling

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Fairy sister, can you pay attention to me?

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Combining forces in Bitcoin, the only real digital gold? Smart move. In a world of copycats, sticking with the original is always in vogue 😉

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital

@ColeMacro @SemlerEric @SemlerSci @StriveFunds @strive @VivekGRamaswamy @IIICapital Can SMLR use its ATM pre closing? What’s the target closing date?