Strive's Groundbreaking Merger: Surpassing Tesla in Bitcoin Holdings

Strive has successfully completed its acquisition of Semler Scientific, marking the first merger among publicly traded companies holding Bitcoin treasuries.

Key Takeaways

Strive has increased its Bitcoin treasury from 7,626 BTC to 12,798 BTC following the merger.
The new total positions Strive as the 11th largest Bitcoin treasury firm, overtaking Tesla and Trump Media.
The merger deal, first proposed in September 2025, valued Semler at a significant premium.
Concerns regarding the Bitcoin treasury market and debt crises are expected but could present merger opportunities.
Bitcoin treasury firms accumulated 855,200 BTC by early 2026, capitalizing on market dips.

Strive now stands with an impressive Bitcoin treasury of 12,798 BTC, elevating its rank to the 11th largest Bitcoin treasury firm worldwide and surpassing both Tesla and Trump Media in its holdings. As part of the merger, key members from Semler, including Avik Roy, Joe Burnett, and Eric Semler, will join Strive's board, signaling a strong integration of their expertise.

Strive Bitcoin
Source: X

The merger announcement originated in September 2025, with Semler valued at a 210% premium over its trading price at that time. Each Semler share was anticipated to be exchanged for 21.05 shares of Strive's Class A stock. The successful shareholder vote later in 2025 confirmed the merger, which officially closed on January 16, 2026. Following the announcement, Strive's stock ASST experienced a minor increase but has seen a notable growth of 28% year-to-date, currently trading at $0.96.

First public DAT merger - Strive scales up, surpasses Tesla in Bitcoin treasury holdings

Implications for Bitcoin Digital Asset Treasuries

There have been concerns surrounding Bitcoin treasuries, primarily focusing on low market net asset value (mNAV) and potential debt crises, which could lead to forced liquidations of crypto assets. However, some industry analysts believe these scenarios might provide significant acquisition opportunities for larger firms looking to merge with smaller ones, a perspective validated by the Strive-Semler merger.

In relation to debt issues, the leading player, Strategy, has bolstered its U.S. dollar reserves to $2.25 billion, which will cover mid-term obligations for nearly three years. This proactive measure significantly reduces the risk that it may need to liquidate its Bitcoin holdings before 2028.

Furthermore, the risk of immediate exclusion from the MSCI index was alleviated as the global index decided to maintain Digital Asset Treasuries (DATs) while seeking more engagement and feedback from stakeholders. Notably, Grayscale has assessed these concerns about the sustainability of DATs as overstated, stating, "These vehicles (DATs) are likely to be a permanent fixture in the crypto investment world but are not expected to drive significant new demand for tokens or contribute to selling pressure in 2026."

Bitcoin Treasury Growth in 2025

It is noteworthy that Bitcoin treasury firms had accumulated a total of 855,200 BTC by the beginning of 2026. In the fourth quarter of 2025 alone, these firms added over 55,000 BTC, taking advantage of the market dip that saw Bitcoin prices decline by more than 30%.

Bitcoin Strive
Source: The Block

Conclusion

The merger between Strive and Semler signifies a crucial moment in the evolving landscape of Bitcoin treasuries and highlights the ongoing consolidation in the cryptocurrency market. As firms adapt to changing economic conditions, the future of Bitcoin assets continues to unfold, showcasing both challenges and potential growth for investors.