Bitcoin Treasury Heavyweights Combine Forces in Response to mNAV Turmoil, Striving to Surpass Competitors

Strive, Inc. (Nasdaq: ASST) together with

, Inc. (Nasdaq: SMLR) revealed on September 22, 2025, that they have agreed to a full share-for-share merger, bringing together two listed treasury firms to create one of the world’s largest corporate Bitcoin portfolios. The deal includes Strive’s acquisition of 5,816 Bitcoin valued at $675 million, with an average price of $116,047 per coin, along with Semler’s 5,000 Bitcoin reserve. Post-merger, the combined company will own more than 10,900 Bitcoin, making it a leading corporate Bitcoin holder Strive, Inc. [ 1 ]. This transaction offers investors a 210% increase over recent value, exchanging each share for 21.05 Class A shares, translating to $90.52 per share at the September 19 closing price Coindesk [ 2 ].

This merger marks a significant move in the Bitcoin treasury landscape as firms look to consolidate due to shrinking market net asset values (mNAVs). mNAV, which compares a company’s overall value to its crypto assets, has dropped below 1 for several companies, reducing their ability to secure funds for expansion FinOracle [ 8 ].

and Semler are merging to address this issue by increasing scale and employing a capital structure based solely on preferred equity, steering clear of the refinancing risks that come with leveraged Bitcoin strategies Bloomberg [ 3 ]. The new entity’s strategy is focused on steady, long-term Bitcoin accumulation using perpetual preferred equity, in contrast to debt-financed approaches adopted by other companies such as MicroStrategy Cointelegraph [ 5 ].

Matt Cole, Strive’s CEO, pointed out that this merger will help accelerate Bitcoin growth per share—an important metric for outperforming the asset overall. The merged company also plans to look into generating extra capital by leveraging Semler’s diagnostics business, which offers FDA-approved products for detecting chronic illnesses Bloomberg [ 3 ]. Eric Semler, Executive Chairman of Semler, will join the board to further align governance. The deal highlights a broader industry shift, where Bitcoin treasury strategies are increasingly being paired with operational businesses to diversify revenue Standard Chartered [ 7 ].

Market response underscored the importance of the merger. ASST’s share price climbed 9.3% pre-market to $4.71, and SMLR ended September 19 at $29.18 Coindesk [ 2 ]. Experts suggest this could spark further industry mergers, with bigger firms benefiting from cheaper funding or staking rewards (such as those linked to

or Solana) outpacing smaller competitors. Standard Chartered also cautioned that compressed mNAVs have already put pressure on digital asset treasuries, leaving only well-funded organizations likely to succeed FinOracle [ 8 ].

This union reflects wider industry patterns, such as the rapid growth of Bitcoin treasury approaches and the increasing role of large-scale investors. Since going public through a reverse merger in May 2025, Strive has expanded its Bitcoin reserve from 70 BTC to 5,886 BTC in under a year Cointelegraph [ 5 ]. Semler, the second U.S. listed company to make Bitcoin its main reserve asset, reported a 43% revenue drop year-over-year in the second quarter of 2025, but still posted $66.9 million in net earnings Cointelegraph [ 5 ]. Together, the merged company’s $675 million Bitcoin purchase and $1.1 billion in total crypto assets signal a strong long-term commitment to Bitcoin, despite short-term market fluctuations.