Strive Asset Management (ASST) has completed a landmark acquisition of Semler Scientific (SMLR) in an all-stock transaction. This historic merger, the first between two Digital Asset Treasuries (DATs) holding Bitcoin, creates a combined entity controlling over 10,900 BTC and boosts net asset value (NAV) per share - a key "yield" metric for DAT investors.
In a research note analyzing the deal, NYDIG's Global Head of Research Greg Cipolaro called for the industry to eliminate the commonly used "mNAV" metric (market cap divided by crypto holdings), labeling it fundamentally flawed.
"At best, it's misleading; at worst, it's disingenuous," NYDIG stated, highlighting two critical shortcomings. First, mNAV fails to account for operational businesses or other assets owned by DATs, which most major Bitcoin treasury firms possess and which contribute significant value.
Second, NYDIG criticized mNAV's frequent use of "assumed shares outstanding," which can include unconverted convertible debt. The firm clarified that convertible debt holders would typically demand cash repayment rather than equity exchange, creating a more substantial liability than simple share issuance. This structure incentivizes DATs to maximize equity volatility as convertible debt acts as "debt + call options."
With publicly traded bitcoin treasury firms now holding over 1 million BTC, and many trading below their mNAV, this metric inaccuracy could signal a wave of near-term acquisitions as true value is reassessed.