Institutional Embrace Pushes Bitcoin to Strategic Reserve Status

Bitcoin Could Test $112K Support as Crypto Markets Slip and Ethereum Weakens

September 22, 2025

Bitcoin’s price trajectory has drawn renewed scrutiny as market analysts highlight a potential test of the $112,000 support level amid broader crypto market weakness. The asset’s recent performance reflects heightened volatility, with Ethereum (ETH) also underperforming as institutional and corporate activity reshapes the landscape. Key developments, including corporate Bitcoin treasury strategies and regulatory shifts, are influencing investor sentiment and price dynamics.

Strive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc. (Nasdaq: SMLR) finalized a landmark merger on September 22, 2025, creating one of the largest corporate Bitcoin treasury entities. Strive acquired Semler Scientific in an all-stock deal valued at $675 million, including the purchase of 5,816 Bitcoin at an average price of $116,047 per coinStrive, Inc.^[1]. The combined entity now holds over 10,900 Bitcoin, positioning it among the top corporate holders globally. This transaction underscores the accelerating trend of public companies consolidating Bitcoin reserves, with institutional demand for the asset reaching record levels.

Public company Bitcoin holdings surpassed 1 million coins in early September 2025, representing 4.7% of the total supply. MicroStrategy (formerly MicroStrategy) remains the largest single corporate holder with 629,376 Bitcoin. The consolidation of reserves by firms like Strive and Semler Scientific reflects a strategic shift toward Bitcoin as a reserve asset, with corporate treasuries increasingly viewing the cryptocurrency as a hedge against inflation and a driver of long-term value.

The merger’s timing coincides with broader market pressures. Bitcoin’s price has retreated from recent highs, with Ethereum experiencing sharper declines. Analysts attribute this to a combination of macroeconomic factors, including tightening regulatory scrutiny of crypto treasury strategies. Nasdaq has introduced stricter rules for companies raising funds to purchase cryptocurrencies, requiring shareholder approvals and enhanced disclosuresPublic companies now hold over 1M BTC, equal to 4.7% of supply^[5]. These measures aim to address concerns over market integrity as corporate Bitcoin accumulation intensifies.

Strive’s “preferred equity only” capital structure, designed to avoid debt maturity risks, highlights the evolving strategies for Bitcoin accumulationStrive ($ASST) Acquires Semler ($SMLR) in Landmark Bitcoin Treasury Deal^[3]. Unlike traditional leveraged models, Strive’s approach prioritizes equity financing to scale holdings while mitigating refinancing vulnerabilities. This innovation has drawn comparisons to strategies employed by firms like Metaplanet in Japan and The Blockchain Group in Europe, each adopting distinct financial instruments to optimize Bitcoin per share growth.

The market response to corporate Bitcoin activity remains mixed. While the 210% premium offered to Semler Scientific shareholders signals investor confidence in Bitcoin-backed balance sheetsStrive to Buy Semler Scientific in First Merger of Bitcoin Treasury Companies^[2], other firms have seen limited equity gains despite treasury purchases. For instance, GameStop’s 4,710 Bitcoin acquisition in May 2025 failed to sustain stock price momentum, illustrating the complexity of linking Bitcoin holdings directly to equity performance.

As Bitcoin approaches critical support levels, the interplay between corporate adoption, regulatory dynamics, and macroeconomic conditions will shape its next move. The Strive-Semler merger exemplifies how institutional strategies are redefining the crypto market, with Bitcoin’s role as a strategic asset gaining institutional legitimacy. However, the path forward remains contingent on navigating regulatory frameworks and managing market volatility.