Bitcoin Treasuries Enter New Era with Strive-Semler Merger

The digital asset treasury (DAT) market has reached a turning point after Strive (ASST) announced an all-stock deal to acquire Semler Scientific (SMLR), marking the first-ever merger of two publicly traded bitcoin treasuries. Industry insiders say this move could trigger a wave of consolidation across the sector as companies look for scale, efficiency, and stronger access to capital markets.

The deal is designed to unify bitcoin holdings, boost bitcoin per share, and simplify governance. Once completed, the merged entity will hold nearly 11,000 BTC, supported by Strive’s simultaneous $675 million purchase of 5,885 coins. For Semler, whose stock traded below the value of its bitcoin, the acquisition highlights how non-core businesses may be overshadowed by treasury strategies. Strive CEO Matt Cole emphasized that the transaction is “accretive in bitcoin per share,” aligning with the company’s growth goals and improving capital market access.

Industry experts suggest three key paths forward for DATs. First, further DAT-to-DAT mergers, similar to the Strive-Semler deal, will consolidate balance sheets and maximize bitcoin per share. Second, acquiring cash-flowing businesses could help treasuries offset dilution and fund ongoing BTC accumulation. Japan’s Metaplanet, the nation’s largest bitcoin holder, has already outlined plans to acquire profitable companies while exploring financing tools such as perpetual preferred stock, a strategy pioneered by MicroStrategy (MSTR).

Finally, industry players are expected to favor direct mergers with established businesses instead of using SPACs, which often bring dilution, redemptions, and regulatory complications. Aligning with legitimate operators provides more stability and investor confidence.

The growing maturity of DATs is also reflected in partnerships like FRNT Financial’s recent consulting deal with a digital asset treasury holding $100 million in bitcoin. As consolidation and diversification accelerate, DATs are set to evolve beyond simple BTC holding companies into more complex, growth-driven enterprises, shaping the next era of digital asset treasury strategies.