Strive-Semler Deal Signals New Era for Bitcoin Treasuries – 29/9/2025

Strive’s acquisition of Semler Scientific marks the first-ever merger between two publicly traded Bitcoin treasuries, setting a precedent for consolidation across the Digital Asset Treasury (DAT) sector and cementing “Bitcoin per share” as a central performance metric.

The all-stock deal will create a combined entity holding nearly 11,000 BTC after Strive simultaneously purchased 5,885 coins for $675 million. Semler’s shares had been trading below the value of its Bitcoin holdings, effectively assigning negative value to its medical device business. For Strive, the merger consolidates balance sheets, boosts BTC scale, and strengthens a key metric: Bitcoin per share.

“Strive’s merger announcement is accretive in bitcoin per share, meeting our short-term goal,” CEO Matt Cole said on X. “The combined power of the entities will give the company more ability to access capital markets and drive Bitcoin per share growth in ways neither could achieve alone.”

Three Paths for DAT Evolution

A Wall Street banker familiar with the deal outlined three ways DATs may evolve moving forward:

1. DAT-to-DAT Mergers:
   Strive’s acquisition of Semler exemplifies unifying BTC holdings under one governance structure. As the bitcoin treasury market becomes crowded with publicly traded companies, mergers are emerging as a highly efficient growth strategy.
2. Acquiring Cash-Flowing Businesses:
   Adding revenue-generating companies can offset dilution and fund ongoing BTC purchases. Japan’s Metaplanet, the country’s largest bitcoin holder, has signaled a similar “phase two” strategy, exploring acquisitions and using perpetual preferred stock—similar to Strategy’s approach—to purchase BTC without diluting shareholders.
3. Moving Beyond SPACs:
   Merging directly with established businesses avoids the complexity of special-purpose acquisition companies (SPACs), which can involve regulatory hurdles, shareholder votes, and reliance on PIPEs that introduce dilution and uncertainty. For DATs, direct mergers with operating companies streamline governance and provide legitimacy.

The Next Phase for DATs

DATs are entering a period where creative growth strategies are critical. Other firms are already following the trend: FRNT Financial, a digital asset investment bank, recently signed a consulting agreement with an undisclosed DAT managing $100 million in digital assets, helping structure lending opportunities for the company’s next growth stage.

The Strive-Semler merger and similar deals indicate that digital asset treasuries are increasingly focusing on consolidation, acquiring profitable businesses, or partnering with established operators. These moves signal a broader evolution for the sector, transitioning from speculative accumulation to strategic growth and operational legitimacy.