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

Try has accomplished its acquisition of Semler Scientific, marking the primary merger between publicly traded Bitcoin Treasury firms.

The end result? Due to the consolidation of the Digital Asset Treasury (DAT), Try has been capable of scale its holdings from 7,626 BTC to 12,798 BTC. Try is now the eleventh largest BTC treasury firm, surpassing Tesla and Trump Media.

As a part of the agreementThe staff of Semler, Avik Roy, Joe Burnett and Eric Semler will be a part of Try’s board.

Supply:

The merger was first launched in September 2025, valuing Semler at a 210% premium to its then buying and selling value.

As such, Semler’s inventory could be exchanged for 21.05 Try Class A shares. Subsequent shareholder voting in late 2025 sealed the deal, which in the end closed on January 16. Try’s ASST inventory rose negligibly, however has since risen 28% year-on-year (YTD). On the time of writing, the value stood at $0.96.

What the merger means for Bitcoin DATs

Many of the Bitcoin [BTC] The fears for the federal government bonds had been: low mNAV (inventory value buying and selling beneath their crypto holdings), a debt disaster and dampened BTC costs may result in pressured crypto liquidations.

Nevertheless, in keeping with some market observers, such eventualities would offer alternatives for bigger gamers to amass or merge with smaller firms. The Try-Semler deal confirms this level.

On the debt disaster, the highest participant, Technique, has completed that elevated its US greenback reserves to US$2.25 billion to cowl its medium-term liabilities (32 months or nearly three years of protection). Because of this the chance of a pressured sell-off of BTC till 2028 has been minimized.

As well as, the fast exclusion danger from the MSCI index was lifted after the market closed international index opted to maintain the DATs. Particularly because it seeks extra suggestions and dialogue with stakeholders.

Grayscale even characterised the fears as exaggerated and projected,

“These automobiles (DATs) will possible be a everlasting characteristic of the crypto funding panorama, however are unlikely to be a major supply of latest demand for tokens or a major supply of promoting stress in 2026.”

Demand for Bitcoin Treasurys in 2025

Right here it’s value stating that BTC treasury firms have collected a complete of 855,200 BTC as of early 2026. Within the fourth quarter of 2025, the businesses added greater than 55,000 BTC. This implies they took benefit of the low cost window as BTC fell over 30% to scale positions.

Supply: Het Blok

Closing ideas

• The Try-Semler deal grew to become the primary public merger within the Bitcoin treasury sector and will assist scale back liquidation dangers.
• Company bonds attracted over 55,000 BTC on the finish of 2025, regardless of the market disruption within the fourth quarter.