Palmer reiterated its buy rating on Semler while trimming his price target on the stock to $86 from $101 to reflect the terms of the Strive deal. The fixed exchange ratio, 21.05 Strive shares per Semler share, suggests a lucrative arbitrage spread for investors, especially with both boards having approved the deal. The transaction marks the first major move in what Benchmark believes will become a broader wave of stock-for-stock bitcoin treasury mergers. Any sharp decline in Strive or the bitcoin price before the vote could pressure deal terms. Read more: Bitcoin Treasury Firm Semler Scientific Still Has 3X Upside: Benchmark