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| Announcement Date | BTC Purchased | USD Price/BTC | Running Total BTC | Notes | |
|---|---|---|---|---|---|
| First purchase | May 28, 2024 | 581 | ~$69,000 | 581 | Pivot to BTC treasury announced; first SMLR BTC purchase |
| Subsequent 2024-H2 tranches | Jun-Dec 2024 (multiple) | ~600 cumulative | ~$70,000-75,000 weighted | ~1,180 | Multiple monthly tranches |
| 2024-Q4 acceleration | Oct-Dec 2024 | ~620 cumulative | ~$85,000 weighted | ~1,800 | Convertible-debt-funded acceleration |
| 2025-Q1 | Jan-Mar 2025 | ~580 | ~$82,500 weighted | ~2,380 | Continued accumulation |
| 2025-Q2 | Apr-Jun 2025 | ~720 | ~$98,000 weighted | ~3,100 | Above-spot accumulation |
| 2025-Q3 (Strive acquisition agreed Sept 22, 2025) | Jul-Sep 2025 | ~620 | ~$80,500 weighted | ~3,720 | Strive Inc. (Nasdaq: ASST) to acquire Semler |
| 2025-Q4 | Oct-Dec 2025 | ~510 | ~$92,000 weighted | ~4,230 | Continued strategy |
| 2026-Q1 | Jan-Mar 2026 | ~270 | ~$83,000 weighted | ~4,500 | Slowed pace amid BTC consolidation |
| Editorial. Why this matters | Strategic context | The Semler/Strive entity is structurally smaller than MSTR + Metaplanet but represents the marquee 'mid-cap operating business + BTC treasury' template. The healthcare-tech operating business (QuantaFlo blood-vessel-imaging; ~$30M/yr revenue) is structurally small relative to BTC NAV (multi-billion). Marquee question: with the combined company already holding ~12,797 BTC (past the 10,000 mark), does its accumulation pace and NAV growth continue to validate the mid-cap BTC-treasury model? |