Finance
What to know:
- Strive Asset Management acquired Semler Scientific in an all-stock deal, creating a combined company with over 10,900 BTC in its treasury. It’s the kind of merger where you don’t shake hands so much as exchange certificates and hope the math adds up before breakfast. 😂💸
- The acquisition highlights a potential issue with the “mNAV” metric, which is used to value bitcoin treasury firms but can be misleading or disingenuous, NYDIG claims. Picture a balance scale where one side is a pile of crypto and the other is a spreadsheet that’s been chewed by a ferret. 🤷♀️📈
- NYDIG argues that mNAV fails to account for operating businesses and uses assumed shares outstanding, which can be inaccurate. Because nothing says “trustworthy valuation” like assuming things you haven’t actually verified, preferably with a cup of coffee and a shrug. ☕️🧾
Strive Asset Management (ASST) has acquired Semler Scientific (SMLR) in an all-stock deal. It’s not exactly a fairy tale; more like a corporate version of a garage sale where the lemon of a company is traded for a bouquet of Bitcoin stickers. While this merger is historic-two Digital Asset Treasuries (DATs) joining forces-it also shines a spotlight on what some investors might call a sketchy art project called valuing crypto treasuries.
The acquisition marks the first-ever merger between two DATs holding bitcoin, giving the combined outfit control of more than 10,900 BTC and nudging net asset value (NAV) per share higher-kind of like upgrading from noodle soup to a slightly more expensive noodle soup with a hint of yield. 🍜💰
In a note this week about the deal, Greg Cipolaro, Global Head of Research at NYDIG, argued that the commonly used “mNAV” metric, defined as market cap divided by crypto held, should be removed from industry reporting altogether.
“At best, it’s misleading; at worst, it’s disingenuous,” the firm claimed, which sounds less like a financial critique and more like someone complaining about a mystery meat in a cafeteria line. 🥪🤔
NYDIG pointed out that mNAV fails to account for operating businesses or other assets a DAT may own. Most major bitcoin treasury firms do, indeed, operate businesses that add value-unless you’re counting the executive lunches as “value-added.”
Second, NYDIG wrote, mNAV often uses “assumed shares outstanding,” which could include convertible debt that hasn’t met conversion conditions.
“Convert holders would demand cash, not shares, in exchange for their debt. This is a much more onerous liability for a DAT than simply issuing shares,” the firm added. “Because convertible debt is essentially volatility harvesting (converts are debt + call options), the DAT is incentivized to maximize its equity volatility.”
Currently, publicly traded bitcoin treasury firms hold over 1 million BTC, and many are now trading below their mNAV, which could suggest more acquisitions are coming in the near future. Or at least more coffee-fueled audits and dramatic press releases with emojis. ☕️🧭
Read More
- Brent Oil Forecast
- Gold Rate Forecast
- Silver Rate Forecast
- Bitcoin’s Big Gamble: Binance’s Surge & $180K Dream 🚀
- ETFs Plunge as $660 Million Flee Bitcoin & Ether Funds, Investors Cry in Their Lattes
- Strategy CEO Drops Mic, World Yawns: Billions, Bitcoin, and Big Shrugs
- CRV PREDICTION. CRV cryptocurrency
- Discombobulated Bananas: The Curious Case of Shentu’s Network Upgrade!
- Bitfarms Stock Soars 26%: Is This Just the Start of Their Glorious Comeback?
- DeFi, IMF & Visa: Who Knew Crypto Could Become Society’s Favorite Party Crasher?
2025-09-27 23:34