Strive-Semler Merger Signals Next Growth Phase for Bitcoin Treasuries – 29/9/2025
Strive’s acquisition of Semler Scientific marks the first merger between two publicly traded Bitcoin treasuries, signaling a new era of consolidation in 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, following Strive’s $675 million purchase of 5,885 coins. Semler’s shares had been trading below the value of its Bitcoin holdings, effectively discounting its medical device business. The merger consolidates balance sheets, scales BTC holdings, 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. “Together, the companies will have better access to capital markets and can accelerate Bitcoin per share growth more effectively than on their own.”
Three Paths for DAT Growth
A Wall Street banker familiar with the deal outlined three key strategies for DAT evolution:
- DAT-to-DAT Mergers:
Strive-Semler is the first clear example of unifying BTC holdings under one governance structure. With the market crowded with publicly traded treasuries, mergers are emerging as an efficient growth strategy. - Acquiring Cash-Flowing Businesses:
Revenue-generating acquisitions can offset dilution and fund ongoing BTC purchases. Japan’s Metaplanet, the country’s largest Bitcoin holder, is pursuing a similar approach, using perpetual preferred stock—like Strategy (MSTR)—to acquire BTC without diluting shareholders. - Moving Beyond SPACs:
Direct mergers with operating companies avoid SPAC-related regulatory hurdles, shareholder votes, and reliance on PIPE financing, while providing operational legitimacy and governance.
Looking Ahead
The sector is evolving beyond token accumulation. FRNT Financial, a digital asset investment bank, recently signed a consulting deal with an undisclosed DAT holding $100 million in digital assets to advise on lending and growth strategies.
The Strive-Semler merger highlights how DATs are scaling through consolidation, acquiring profitable businesses, or aligning with established operators, marking the next phase in the strategic evolution of publicly traded Bitcoin treasuries.
