First Bitcoin Treasury Merger Raises Questions About How To Value DATs

The merger between Strive Asset Management (ASST) and Semler Scientific (SMLR) has made history, combining two publicly traded Digital Asset Treasuries (DATs) into a single entity now holding more than 10,900 BTC.

While the deal expands their collective balance sheet, it has also sparked debate about how investors should judge the worth of such firms.

In a note this week, NYDIG’s research head Greg Cipolaro criticized the sector’s reliance on market-cap-to-Bitcoin ratios (mNAV), calling the metric both simplistic and potentially misleading. He argued that the calculation ignores other assets and operating businesses that many treasuries run alongside their crypto holdings.

The firm also highlighted a second issue: mNAV often counts convertible debt as though it will automatically convert to equity. In reality, those debt holders typically demand repayment in cash, making the liability far more burdensome than just issuing shares.

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Because convertible instruments combine debt with call options, NYDIG warned they can push firms to embrace volatility rather than long-term stability.

The Strive–Semler deal illustrates the growing clout of Bitcoin-focused corporates, but also how tricky it is to measure their true value. For analysts, the takeaway is clear: Bitcoin reserves tell only part of the story.