Attempt Inc., the asset supervisor turned Bitcoin treasury firm led by former presidential candidate Vivek Ramaswamy, has agreed to accumulate Semler Scientific — a transfer that positions the mixed entity as one of many largest company holders of Bitcoin.
In a Monday announcement, the businesses mentioned the all-stock transaction will grant Semler shareholders Attempt shares as an alternative of money. Every Semler share shall be exchanged for 21.05 shares of Attempt Class A inventory, representing a 210% premium over Semler’s pre-deal value.
Alongside the merger, Attempt disclosed it had bought 5,816 Bitcoin (BTC) for about $675 million, boosting its whole holdings to five,886 BTC. Earlier than the acquisition, Attempt was a comparatively minor participant within the Bitcoin treasury area, with simply 70 BTC on its books.
The mixed firm will now management greater than 10,900 BTC, making it the Twelfth-largest public Bitcoin holder — forward of Hut 8 Mining, Block Inc. and Galaxy Digital, in accordance with trade knowledge.
Ramaswamy first outlined Attempt’s Bitcoin treasury technique in Might, coinciding with the corporate’s plans to go public by way of a reverse merger.
Semler Scientific, a health-tech agency that adopted Bitcoin as its main treasury reserve asset in 2024, has steadily constructed up its holdings by way of a number of purchases. Its most up-to-date earnings report was blended, displaying a 43% year-over-year income decline however a web revenue of $66.9 million.
Associated: Semler Scientific plans Bitcoin holdings of 105,000 BTC by 2027
Bitcoin treasury mergers — the beginning of a development?
The Attempt–Semler Scientific merger comes amid the rise of digital asset treasury corporations, which have collected billions of {dollars} in Bitcoin and, to a lesser extent, different cryptocurrencies reminiscent of Ether (ETH) and Solana (SOL).
In accordance with Customary Chartered, the deal may additionally underscore a broader development: compressed market web asset values (mNAVs), which might improve monetary dangers and make enlargement harder.
For crypto treasurers, mNAV represents the ratio of an organization’s enterprise worth to its digital asset holdings. When this ratio falls under 1, increasing reserves turns into harder and riskier, notably if funded by way of debt.
Customary Chartered lately famous that trade consolidation is probably going underneath these circumstances, with bigger, extra liquid gamers positioned to climate volatility and lift capital for acquisitions. If mNAVs stay depressed, the financial institution mentioned, stronger corporations may transfer to accumulate weaker rivals.
HashKey Capital CEO Deng Chao lately cautioned that solely crypto treasury corporations with a long-term technique will “survive any market,” emphasizing the significance of constructing lasting worth relatively than chasing short-term positive factors.
“Digital property themselves will not be inherently unsustainable; it’s how they’re managed that makes the distinction,” Chao advised Cointelegraph.
Associated: Bitcoin mining shares outperform BTC as buyers guess on AI pivots
