Strive Asset Management Acquires Semler Scientific in Historic Bitcoin Treasury Merger

Strive Asset Management (ASST) has announced its acquisition of Semler Scientific (SMLR) in an all-stock transaction, marking the first-ever merger between two Digital Asset Treasuries (DATs) holding bitcoin. The combined company now controls more than 10,900 BTC, significantly increasing its digital asset footprint while boosting its net asset value (NAV) per share—a key metric that DAT investors often treat as a form of “yield.”

The deal has sparked discussions about how investors value bitcoin treasury firms. In a recent research note, NYDIG’s Global Head of Research, Greg Cipolaro, challenged the industry’s reliance on the “mNAV” metric, which is calculated by dividing a company’s market cap by the amount of crypto it holds. According to Cipolaro, this method should be eliminated from industry reporting.

NYDIG argued that mNAV can be misleading because it ignores the value of operating businesses and other assets owned by DATs. Many bitcoin treasury companies run active businesses that contribute significantly to their overall valuation. Additionally, NYDIG pointed out that mNAV often relies on “assumed shares outstanding,” which may include convertible debt not yet converted. Unlike new equity issuance, such debt typically requires cash repayment, creating a heavier liability for the company.

The firm further explained that convertible debt functions as a mix of debt and call options, which incentivizes DATs to embrace higher equity volatility. This dynamic complicates valuation and undermines the reliability of mNAV as a meaningful measure for investors.

With over 1 million BTC held collectively by publicly traded bitcoin treasury firms, the market is closely watching these developments. Many of these companies currently trade below their mNAV, suggesting that more mergers and acquisitions could follow. For investors, Strive’s acquisition of Semler not only reshapes the landscape of bitcoin treasuries but also highlights the need for more accurate valuation metrics in a rapidly evolving digital asset sector.