Apparently, even cypherpunks hate paying taxes. So-called 351 exchanges are all the rage with wealthy investors who want to transfer assets between holdings in their portfolios without triggering capital gains taxes. They also let investors with heavily concentrated stock positions convert them into a diversified exchange-traded fund. But what about cryptocurrencies, like bitcoin? Some experts are working on new strategies that, one day, may allow digital assets to be converted into indexed products witho ...

Group 1 - The coin experienced a significant decline of approximately -20% over the past week before a rebound on February 6, 2026 [1] - Binary Tree Analytics (BTA) aims to enhance transparency and analytics in capital markets, focusing on Closed-End Funds (CEFs), Exchange-Traded Funds (ETFs), and Special Situations [1] - BTA has over 20 years of investment experience and seeks to deliver high annualized returns with a low volatility profile [1]

Core Viewpoint - The law firm Wohl & Fruchter LLP is investigating the fairness of the proposed all-stock merger between Semler Scientific, Inc. and Strive Asset Management, particularly focusing on the fixed Exchange Ratio of 21.05 shares of Strive Class A Common Stock for each share of Semler common stock [1][2]. Group 1: Merger Details - The proposed merger involves Semler stockholders receiving 21.05 shares of Strive Class A Common Stock for each share of Semler common stock they own, establishing a fixed Exchange Ratio [1]. - The Exchange Ratio will not be adjusted for fluctuations in the market prices of either Strive or Semler common stock from the signing of the merger agreement to its completion [2]. Group 2: Stock Price Impact - Since the announcement of the merger on September 22, 2025, the price of Strive common stock has significantly declined, leading to a drop in Semler's stock price from $32.06 per share to $19.77 per share as of December 8, 2025, making the merger less attractive for Semler shareholders [3].

Core Insights - The cryptocurrency market is experiencing significant developments, particularly with the launch of new ETFs focused on smaller coins, despite ongoing government shutdowns [1][4][12] - Bitcoin's price volatility in October saw it surge to $125,000 before dropping to $107,000, marking a notable month in terms of trading activity [2][3] - The usage of stablecoins is accelerating, with over $10 billion moving to stablecoins in August, potentially reaching $122 billion annually [4][5] ETF Developments - New ETFs, including the Grayscale Solano Trust ETF and others, have debuted following the SEC's approval of generic listing standards for cryptocurrencies [5][6][12] - The SEC's new guidelines allow for direct launches of single-token cryptocurrency ETFs that meet specific criteria, facilitating the entry of new products into the market [8][9][12] - The launch of the Solano ETF during the government shutdown highlights the evolving landscape of cryptocurrency regulation and product offerings [7][11][12] Tokenization Trends - SECURITIZE is launching a tokenized CLO fund, emphasizing the need for blockchain integration in financial products for better transparency and efficiency [19][20][23] - Tokenization is seen as a transformative trend in finance, with potential benefits for both retail and institutional investors, making financial products more accessible [25][26][30] - The conversation around tokenization includes the potential disruption of traditional intermediaries, such as clearinghouses, as blockchain technology evolves [26][28][30] Market Dynamics - The digital asset treasury model is gaining traction, with companies like STRIVE transitioning from traditional asset management to digital asset management, focusing on maximizing value through Bitcoin exposure [37][39][41] - The disconnect between traditional market valuations and the perceived value of Bitcoin treasury companies is highlighted, indicating a shift in investment perspectives [43][44] - The ongoing debt crisis and fiat currency debasement are driving interest in Bitcoin as a hedge, with institutional adoption expected to grow [46][47][48]

Group 1: Mt. Gox Repayment Update - Mt. Gox has extended its repayment deadline to October 31, 2026, due to incomplete procedures affecting creditors [1] - The rehabilitation trustee Nobuaki Kobayashi announced the extension to address unresolved issues impacting numerous creditors [1][2] - Many claimants remain uncompensated because of procedural delays, prompting a court-approved extension to facilitate distributions [2] Group 2: Bitcoin Movements and Market Impact - A significant transaction on March 6 involved the transfer of 11,833.64 BTC worth over $1 billion from Mt. Gox-linked wallets [2] - Approximately 36,080 BTC valued at $3.26 billion is still controlled by exchange-related entities, down from over 850,000 BTC before the 2014 hack [3] - Previous movements included the transfer of about 1,620 BTC in December and over 24,000 BTC earlier, raising speculation about potential creditor distributions or restructuring [4] Group 3: Strive Asset Management's Strategy - Strive Asset Management plans to acquire 75,000 Bitcoin through Mt. Gox bankruptcy claims, valued at approximately $8 billion [5] - The strategy aims to purchase Bitcoin at discounted prices to enhance per-share value and outperform Bitcoin's long-term trajectory [5] - Strive has also announced a $1.34 billion all-stock merger with Semler Scientific, adding nearly 5,816 BTC to its holdings [6]

Core Insights - Value investor Mike Alfred acquired over 1 million shares of Strive Asset Management (ASST), with an initial investment of nearly $1 million [1] - Following Alfred's announcement, ASST shares surged, closing up 27% on the day of the announcement and jumping another 33% the following Monday [2][3] - Since October 22, ASST shares have increased by 86%, rising from $0.78 to $1.47 per share [3] Company Developments - Strive Asset Management is in the process of acquiring Semler Scientific at a 210% premium, which indicates aggressive growth strategies [5] - The leadership of Strive Asset Management actively engaged with the market by retweeting Alfred's announcement, which contributed to the stock's rally [2] Investor Background - Mike Alfred is recognized for his successful investments, including a significant position in IREN, a Bitcoin mining and AI data center company, which has seen a year-to-date increase of over 500% [4] - Alfred's recent appointment to the Board of Bakkt (BKKT) has also led to a doubling of BKKT shares since his involvement [4]

Core Insights - The advice to "just buy an ETF" reflects growing frustration with Digital Asset Treasuries (DAT), which have not delivered on their promise to outperform Bitcoin through innovative financing and balance-sheet strategies [1][2]. Performance Comparison - Bitcoin has increased by approximately 23% this year, while most DATs, including MicroStrategy, Semler Scientific, GameStop, and Trump Media, have significantly underperformed both Bitcoin and related ETFs [2][3]. - Only a few companies, such as Twenty One Capital and Japan's Metaplanet, have managed to outperform Bitcoin, indicating a significant gap in performance [2][3]. Structural Weaknesses - The fundamental weakness of the DAT model lies in its reliance on leverage and operational alpha, which has not translated into superior performance compared to direct Bitcoin exposure [3]. - The effectiveness of leveraging strategies is contingent on favorable conditions in equity, convertible, and debt markets, raising concerns about the sustainability of companies like MicroStrategy with substantial debt [4]. Industry Warnings - Warnings from firms like Galaxy Digital highlight that the entire DAT structure relies on a consistent premium to net asset value, drawing parallels to historical investment trust bubbles [6]. - Criticism from NYDIG points out that the commonly used "mNAV" metric may obscure liabilities and inflate perceived value by assuming unrealized debt conversions [6]. Corporate Bitcoin Adoption - Despite the challenges faced by DATs, corporate adoption of Bitcoin is accelerating, with nearly 40% more public companies holding Bitcoin compared to three months ago, according to Bitwise data [7]. - Companies like Coinbase and Bullish hold Bitcoin on their balance sheets due to their industry nature, while others use it as a hedge against fiat currency instability [8]. Differentiation of DATs - It is crucial to distinguish between DATs that hold Bitcoin and those that invest in proof-of-stake altcoins like Ethereum or Solana, as they represent different investment strategies [8]. - DATs that stake native assets and operate validators generate yield from network activity rather than leverage, potentially creating value as the underlying networks grow [9].

Core Insights - Thryve Wealth Management has launched with $270 million in managed assets after spinning out from Strive Asset Management, co-founded by Vivek Ramaswamy [1][2] - The firm aims to differentiate itself through a focus on future investments, particularly in artificial intelligence, quantum computing, and digital currencies [2] - Thryve's client portfolios emphasize "American exceptionalism" and include advanced strategies for digital currencies [4] Company Overview - Thryve is led by CEO Gary K. Dorfman, who emphasizes an entrepreneurial spirit and minimal bureaucracy [5] - The firm was previously part of Strive Asset Management's RIA business and is now fully independent [2] - Ramaswamy, while no longer running Strive, retains an advisory role and is the majority shareholder [6] Investment Strategy - Thryve's approach contrasts with traditional portfolio models, focusing on long-term value creation rather than just assets under management [5] - The firm aims to attract investors interested in innovative financial strategies, particularly in the context of emerging technologies [2][4]

Core Viewpoint - Strive Asset Management has completed an all-stock acquisition of Semler Scientific, marking the first merger between two Digital Asset Treasuries (DATs) that hold bitcoin, which raises questions about the valuation metrics used by investors in bitcoin treasury firms [1] Group 1: Acquisition Details - The acquisition gives the combined entity control of over 10,900 BTC and increases the net asset value (NAV) per share, a key metric for DAT investors [1] - The deal highlights potential issues with the commonly used "mNAV" metric, which is defined as market cap divided by crypto held [1][2] Group 2: Critique of mNAV Metric - NYDIG argues that the mNAV metric is misleading and does not account for the operating businesses or other assets that a DAT may possess, which are crucial for adding value [2] - The use of "assumed shares outstanding" in mNAV calculations can include convertible debt that has not met conversion conditions, further complicating the valuation [2] Group 3: Market Implications - The current landscape shows that publicly traded bitcoin treasury firms hold over 1 million BTC, with many trading below their mNAV, indicating a potential for more acquisitions in the near future [3]

Group 1 - The trend of small-cap firms loading their balance sheets with cryptocurrencies is beginning to show signs of distress, as many are now resorting to debt-funded share buybacks to support falling stock prices [2][8] - At least seven companies, including those in online gaming, golf cart manufacturing, and biotech, are actively buying back their shares [2] - Market values of some firms have fallen below the worth of their crypto assets, indicating investor skepticism about the sustainability of the crypto treasury strategy [3][8] Group 2 - The acquisition of Semler Scientific by Strive Asset Management highlights how companies trading below the value of their crypto holdings are becoming attractive for takeovers [4] - ETHZilla, which rebranded and invested in ether tokens, experienced a 76% drop in stock price from its peak, illustrating the volatility associated with crypto investments [4] - Empery Digital has expanded its debt facility to $85 million for share buybacks, despite holding $476 million in Bitcoin, which exceeds its $378 million market cap [6] Group 3 - Analysts express concerns that using debt for share repurchases contradicts the foundational principles of the crypto treasury model, which relies on the appreciation of digital assets [5][6] - Companies like SharpLink Gaming, Ton Strategy, and CEA Industries are also implementing similar buyback strategies after their token-heavy approaches failed to perform in the market [7][8]