FROM SPACS TO CASH-FLOW BUYS: HOW DATS ARE GROWING

Summary from the TLDR Crypto newsletter

Strive's all-stock acquisition of Semler Scientific marks the first merger of two publicly traded bitcoin treasuries, creating a company holding nearly 11,000 BTC and establishing "bitcoin per share" as the key performance metric while signaling the start of a massive DAT consolidation wave. A Wall Street banker outlined three evolution strategies for DATs: mergers to consolidate BTC holdings and boost bitcoin per share, cash-flow acquisitions to offset dilution and fund ongoing bitcoin purchases, as demonstrated by Metaplanet's "phase two" strategy, and direct business mergers instead of messy SPAC processes that require shareholder votes and often suffer investor redemptions. The Semler deal was particularly attractive because the company's shares traded below its bitcoin value, effectively assigning negative value to its medical device business, while the merger allows both companies to access capital markets more effectively than either could independently.