Bitcoin Treasury Giants Merge Amid mNAV Crisis, Aiming to Outlast Rivals

Strive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc. (Nasdaq: SMLR) announced a definitive all-stock merger on September 22, 2025, combining two publicly traded Bitcoin treasury companies to form one of the largest corporate Bitcoin holders globally. The transaction includes Strive’s purchase of 5,816 Bitcoin for $675 million, averaging $116,047 per Bitcoin, and the acquisition of Semler’s existing 5,000 Bitcoin holdings. The combined entity will control over 10,900 Bitcoin, positioning it among the top corporate Bitcoin treasuries Strive, Inc.^[1]. The merger offers Semler shareholders a 210% premium, with each SMLR share exchanged for 21.05 ASST Class A shares, valued at $90.52 per share based on September 19 trading prices Coindesk^[2].

The deal reflects a strategic shift in the Bitcoin treasury sector, where companies are increasingly consolidating amid compressed market net asset values (mNAVs). mNAV, a metric comparing a company’s enterprise value to its crypto holdings, has fallen below 1 for several firms, limiting their ability to raise capital for further acquisitions FinOracle^[8]. Strive and Semler’s merger aims to counter this trend by leveraging scale and a “preferred equity only” capital structure, avoiding debt maturity risks common in leveraged Bitcoin strategies Bloomberg^[3]. The combined company’s approach emphasizes long-term Bitcoin accumulation through perpetual preferred equity, distinct from debt-driven models used by peers like MicroStrategy Cointelegraph^[5].

Strive’s CEO, Matt Cole, emphasized the merger’s role in accelerating Bitcoin per share growth, a key metric for outperforming the asset class. The combined entity plans to explore monetizing Semler’s diagnostics business, which includes FDA-cleared products for chronic disease detection, to generate additional capital Bloomberg^[3]. Semler’s Executive Chairman, Eric Semler, will join the board, reinforcing governance alignment. The merger also underscores the sector’s dual focus: Bitcoin treasuries are no longer standalone strategies but are increasingly paired with operational businesses to diversify revenue streams Standard Chartered^[7].

Market reactions highlighted the transaction’s significance. ASST shares rose 9.3% in pre-market trading to $4.71, while SMLR closed at $29.18 on September 19 Coindesk^[2]. Analysts noted that the deal could catalyze further consolidation, as larger players with access to low-cost funding or staking yields (e.g., Ethereum or Solana-based firms) gain advantages over smaller rivals . Standard Chartered warned that mNAV compression has already forced many digital asset treasuries into survival mode, with only well-capitalized entities likely to thrive FinOracle^[8].

The merger aligns with broader industry trends, including the rapid expansion of Bitcoin treasury strategies and the growing influence of institutional investors. Strive, which entered the public market via a reverse merger in May 2025, has grown its Bitcoin holdings from 70 BTC to 5,886 BTC in less than a year Cointelegraph^[5]. Semler, the second U.S. public company to adopt Bitcoin as a primary reserve asset, reported a 43% year-over-year revenue decline in Q2 2025 but maintained a $66.9 million net income Cointelegraph^[5]. The combined entity’s $675 million Bitcoin purchase and $1.1 billion in total crypto holdings signal a bold bet on Bitcoin’s long-term value despite short-term market volatility.