- Strive Asset Management has acquired Semler Scientific in an all-stock merger.
- This is the first merger of two Digital Asset Treasuries (DATs) holding Bitcoin, giving the combined firm control of more than 10,900 BTC.
- The deal increases the net asset value (NAV) per share for investors in digital asset treasury firms.
- NYDIG’s Greg Cipolaro said the widely used “mNAV” metric—market cap divided by crypto held—is misleading and should not be used for reporting.
- Most public bitcoin treasury firms now trade below their mNAV, raising the possibility of more acquisitions in the sector.
Strive Asset Management has completed an all-stock acquisition of Semler Scientific, marking the first merger between two companies known as Digital Asset Treasuries (DATs) that hold substantial amounts of bitcoin. The merged entity now controls more than 10,900 bitcoin, and increases the measured net asset value (NAV) per share—a metric closely watched by digital asset investors.
The deal boosts NAV per share, which is typically viewed by DAT investors as a form of “yield.” According to a recent note from Greg Cipolaro, Global Head of Research at NYDIG, the industry’s common metric for valuing these companies—known as “mNAV,” calculated as market cap divided by cryptocurrency holdings—fails to give a complete picture.
“At best, it’s misleading; at worst, it’s disingenuous,” wrote NYDIG in the note. The group explained that mNAV does not account for the value that comes from a DAT’s operating business or other company assets, which are common among major bitcoin treasury firms.
NYDIG also warned that mNAV often relies on “assumed shares outstanding,” which could include convertible debt that has not yet been converted. The note added, “Convert holders would demand cash, not shares, in exchange for their debt. This is a much more onerous liability for a DAT than simply issuing shares.” Convertible debt is described as a financial tool combining debt and a call option, which incentivizes DATs to increase share price volatility.
Publicly traded bitcoin treasury companies currently hold more than one million BTC. Many of these firms now trade below their mNAV, suggesting that additionalacquisitions and mergers could take place in the near future.
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