The World of Digital Asset Treasury (DATS) has entered a new era after Strive (ASST) announced an All-Stock agreement to acquire Semler Scientific (SMLR) this week.
The deal marked the first merger of two listed Bitcoin state boxes, and according to a Wall Street banker who is familiar with the situation, this is just the start of a massive consolidation wave among dats.
Banks that chose to remain anonymous, outlined three scenarios for how dats can develop.
Mergers to add more btc
The first of the three paths are dat-to-dat mergers.
Strive’s acquisition of Semler is the first clear example of uniting BTC Holdings, increasing Bitcoin per year. Share and establish governance under one roof, the banker said.
When it closes, the agreement will create a new company that will contain nearly 11,000 BTC after Strive’s simultaneous purchase of $ 675 million of 5,885 coins.
It is worth noting that Semler’s shares had acted under the value of its bitcoin, which effectively assigned negative value to its medical unit business. For Strive Consolidates the acquisition of the BTC scale balances and pushes a key company -metrical: Bitcoin per. Stock.
“Strive’s merger message is accretive in Bitcoin per share that meets our short -term goals,” wrote CEO Matt Cole at X.
“We believe that the unified power of the units will give the overall company more ability to gain access to the capital markets in a way that will drive increased bitcoin per share and accretion in a way that could not do on its own either.”
Since the Bitcoin Treasury market is saturated with many listed companies, this strategy is probably one of the most effective ways of growing for dats.
The angle of money
The banker said the second development path is to acquire cash flow companies to offset dilution and finance BTC purchases.
Metaplanet, Japan’s largest Bitcoin holder, has already said it will use its treasury to buy cash -generating companies as part of its “phase to” strategy.
Metaplanet also examines the use of eternal preferred stock, a financing strategy that strategy (Mstr) has already used, giving it the opportunity to buy Bitcoin without diluting shareholders through the market (ATM) joint share supply.
No more spacs
Third, according to the banker, it is to merge with legitimate companies instead of using the acquisition of special purposes (SPACS).
SPACs are Shell companies designed to quickly take companies public, but the “de-spac” process may be messy, requiring shareholder votes, regulatory archives and often suffering from investor redemptions. Making things more complex, to bridge the gap over financing holes, many spaces are dependent on pipes (private investments in public equity) that bring dilution, discounts and uncertainty.
For DATS, it merges directly with a company that already has operations and governance, these pitfalls.
The development of dats
The bottom line is that dats are at a point where they need to develop and become creative with their growth strategies.
In fact, other companies are already catching on this trend. Recently Frnt Financial (TSXV: Frnt), a Digital Asset Investment Bank, said it has entered into a consultancy agreement with a non -revealed DAT with $ 100 million worth of digital assets in its balance.
According to the contract terms, the FNT will help evaluate and structure lending options for the company’s next growth phase.
The offers, such as the Strive-Sembles Merchant, show that digital asset tax companies will need to scale through consolidation, buy profitable businesses or adapt to established operators that bring legitimacy that introduce the next phase of DAT’s development.
Read more: Semler Scientific still has almost 170% upwards after Strive Buyout Deal: Benchmark
