Strive-Semler Deal Ushers in New Era for Bitcoin Treasuries – 29/9/2025
Strive’s acquisition of Semler Scientific marks the first merger between two publicly traded Bitcoin treasuries, signaling the start of a broader consolidation wave in the Digital Asset Treasury (DAT) sector and emphasizing “Bitcoin per share” as a key metric.
The all-stock deal will create a combined entity holding nearly 11,000 BTC, following Strive’s simultaneous $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. For Strive, the merger consolidates balance sheets, scales BTC holdings, and boosts a core company 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 stronger access to capital markets and can drive Bitcoin per share growth more effectively than alone.”
Three Paths for DAT Growth
A Wall Street banker familiar with the deal outlined three growth strategies for DATs:
- DAT-to-DAT Mergers:
Strive-Semler represents the first example of unifying BTC holdings under a single governance structure. With many publicly traded treasuries now in the market, mergers offer an efficient way to scale. - Acquiring Cash-Flowing Businesses:
Revenue-generating acquisitions can offset dilution and fund ongoing Bitcoin purchases. Japan’s Metaplanet, the country’s largest BTC holder, is pursuing a similar strategy, using perpetual preferred stock—like Strategy (MSTR)—to buy BTC without shareholder dilution. - Moving Beyond SPACs:
Direct mergers with operating companies avoid the regulatory and logistical challenges of SPACs, as well as the dilution and uncertainty associated with PIPE financing, while providing governance and operational legitimacy.
Next Phase for DATs
The sector is evolving beyond simple 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 deal underscores how DATs are scaling through consolidation, acquiring profitable businesses, or partnering with established operators—marking the next phase of strategic growth for publicly traded Bitcoin treasuries.
