Strive Asset Management Acquires Semler Scientific in Historic Bitcoin Merger
Strive Asset Management (ASST) Acquires Semler Scientific (SMLR):
- ASST acquired SMLR in an all-stock deal, marking the first merger between two Digital Asset Treasuries (DATs) holding Bitcoin.
- The combined entity controls over 10,900 BTC, boosting net asset value (NAV) per share, a key metric for DAT investors.
Criticism of mNAV Metric:
- Greg Cipolaro from NYDIG criticized the "mNAV" metric, suggesting it should be removed from industry reporting.
- mNAV is defined as market cap divided by crypto held but does not consider operating businesses or other assets owned by DATs.
- It often includes "assumed shares outstanding," which could involve convertible debt not yet converted, posing liabilities for DATs.
Market Implications:
- Publicly traded bitcoin treasury firms hold over 1 million BTC.
- Many firms are trading below their mNAV, indicating potential for more acquisitions soon.