DATs Shift from SPACs to Cash-Flow Opportunities, Paving the Way for Future Growth

Strive-Semler Deal Marks a New Era for Bitcoin Treasuries – 29/9/2025

Strive’s acquisition of Semler Scientific represents the first merger between two publicly traded Bitcoin treasuries, signaling a new phase of consolidation in the Digital Asset Treasury (DAT) sector and emphasizing “Bitcoin per share” as a key metric.

The all-stock deal will create a combined entity holding nearly 11,000 BTC, following Strive’s $675 million purchase of 5,885 coins. Semler’s shares had been trading below its Bitcoin value, effectively assigning minimal worth to its medical device operations. For Strive, the merger strengthens balance sheets, increases Bitcoin scale, and drives growth in Bitcoin per share.

“Strive’s merger announcement is accretive in bitcoin per share, meeting our short-term goal,” CEO Matt Cole said on X. “The combined entity will have greater access to capital markets and can accelerate Bitcoin per share growth in ways neither company could achieve independently.”

Three Paths for DAT Growth

A Wall Street banker familiar with the deal highlighted three potential strategies for DAT evolution:

DAT-to-DAT Mergers:
Strive-Semler is the first example of consolidating BTC holdings under a unified governance structure. With many publicly traded treasuries now in the market, mergers are emerging as an efficient way to scale.
Acquiring Cash-Flowing Businesses:
Revenue-generating companies can offset dilution and fund ongoing Bitcoin purchases. Japan’s Metaplanet, the country’s largest BTC holder, is pursuing a similar strategy, leveraging perpetual preferred stock—like Strategy (MSTR)—to acquire Bitcoin without diluting shareholders.
Moving Beyond SPACs:
Direct mergers with operating companies avoid SPAC-related complexities such as regulatory filings, shareholder votes, and reliance on PIPE financing, which can introduce dilution and uncertainty. DATs can achieve legitimacy and operational efficiency through these direct mergers.

Looking Ahead

The sector is evolving beyond speculative accumulation. FRNT Financial, a digital asset investment bank, recently signed a consulting deal with an undisclosed DAT holding $100 million in digital assets, advising on lending and growth strategies.

The Strive-Semler merger highlights the next phase for DATs: scaling via consolidation, acquiring profitable businesses, or aligning with established operators. These strategies indicate a shift toward long-term growth, operational legitimacy, and strategic Bitcoin accumulation.