Group 1 - Cantor Equity Partners, Inc. is preparing to take Twenty One [XXI] public in Q3'25-Q4'25, focusing on establishing a Bitcoin treasury company [1] - XXI aims to hold a total of 43,500 Bitcoins as part of its public offering strategy [1] Group 2 - Michael Del Monte, an analyst with over 5 years of experience, emphasizes that investment recommendations should consider the entire investment ecosystem rather than evaluating companies in isolation [1]

RT Bitcoin For Corporations (@BitcoinForCorps)📺 The Bitcoin For Corporations ShowEpisode 16 now live — hosted by @BitcoinPierre@Strive merged with @SemlerSci just a week after going public—one of the fastest deals in market history. Pierre Rochard joins Strive’s @ColeMacro and @PunterJeff to break down the mechanics of this landmark deal and its impact on the #Bitcoin treasury industry.01:53 - Explaining The Semler Transaction04:58 - Strategic Benefits & Market Access12:13 - Equity Premium19:01 - Leverage & ...

UK-listed B HODL buys 100 BTC for $11.3 million to kick off its bitcoin treasury https://t.co/HG7lZf057v ...

🇧🇷 BULLISH: Brazil's Bitcoin treasury company OranjeBTC bought 3,650 $BTC for $385M, becoming the largest Bitcoin treasury company in Latin America. https://t.co/zZ9NVtpx1O ...

Daily News 🗞 | Sep 23• Metaplanet becomes fifth-largest corporate Bitcoin treasury• BitMine holds over 2% of ETH supply, announces $365M offering• Toyota, Yamaha and BYD accept Tether in Bolivia• Bitcoin’s volatility drops below Nasdaq 100 firms as maturation marks milestone• Bitcoin hits 12-day lows, casting doubt on ‘Uptober’ rally#CryptoNews #PoloniexNEWS ...

🚨 LATEST: Strive Inc. will acquire Semler Scientific in a $90.52/share all-stock deal, creating a Bitcoin treasury company holding nearly 11,000 $BTC. https://t.co/8bA2q7btHN ...

🚨 NEW: Strive (ASST) will acquire Semler Scientific (SMLR) in the first-ever merger of Bitcoin treasury companies. https://t.co/krFWhUR8Oy ...

Core Insights - The Bitcoin treasury trade is entering a consolidation phase as Strive announces its acquisition of Semler Scientific for over $1.3 billion, which will significantly increase its Bitcoin holdings [1][2] - Strive's CEO believes that merging with smaller firms will be essential for outperforming Bitcoin, as direct purchases are no longer yielding significant returns [2] - The trend of companies accumulating Bitcoin began with MicroStrategy in 2020, but many firms, including Semler, have struggled to see similar stock performance [3][4] Company Developments - Strive's acquisition of Semler will elevate the combined firm's Bitcoin holdings to nearly 11,000, positioning it just outside the top ten public Bitcoin holders [1][6] - Semler's stock has not performed well since its pivot to a Bitcoin treasury strategy, trading slightly above $30, which is only marginally higher than its initial announcement price [4] - The merger between KindlyMD and Nakamoto Holdings, which raised $540 million for Bitcoin purchases, indicates a broader trend of consolidation in the sector [5] Market Trends - Recent reports indicate that one in three Bitcoin treasuries have fallen below their Bitcoin value, suggesting a breakdown in the stock-for-Bitcoin model [6] - The consolidation of weaker firms may be necessary for stronger companies to maintain their market value and justify their stock premiums [6]

Core Viewpoint - Strive, Inc. has entered into a definitive agreement to acquire Semler Scientific, Inc. in an all-stock transaction, enhancing its position as a leading Bitcoin treasury company and expanding its business into medical diagnostics [1][2]. Company Overview - Strive, Inc. is the first publicly traded asset management Bitcoin treasury company, currently holding 5,886 Bitcoin and managing over $2 billion in assets since launching its first ETF in August 2022 [4]. - Semler Scientific, Inc. is a leader in medical devices and software aimed at combating chronic diseases and is the second U.S. public company to adopt Bitcoin as its primary treasury reserve asset [6][7]. Transaction Details - The acquisition represents an approximately 210% premium, equivalent to about $90.52 per share, based on the trading prices as of September 19, 2025 [6]. - Each common share of Semler Scientific will be exchanged for 21.05 Class A common shares of Strive [6]. - The combined company will own over 10,900 Bitcoin prior to any additional Bitcoin raised from future financings [6]. Strategic Goals - The merger aims to create significant value for stockholders by delivering a substantial premium and expanding into a robust preventative care and wellness platform focused on early detection of chronic diseases [2][6]. - Strive's management intends to operate with a "preferred equity only" leverage model to avoid debt maturity risks associated with traditional leveraged Bitcoin strategies [6]. Legal and Financial Advisory - Davis Polk & Wardwell LLP is serving as legal counsel to Strive, while Goodwin Procter LLP is legal counsel to Semler Scientific [3]. - Cantor Fitzgerald, L.P. is the financial advisor to Strive, and LionTree Advisors LLC is the financial advisor to Semler Scientific [3].

Core Viewpoint - The chairman of Strategy, Michael Saylor, claims that the negative online sentiment towards the company is being artificially amplified by bots funded by short sellers, rather than reflecting genuine market concerns [1][2]. Company Performance - Strategy's stock has recently declined, reaching a five-month low of $323, despite Bitcoin only experiencing an 8% drop from its previous record [2]. Criticism and Allegations - Prominent short seller Jim Chanos has challenged Saylor's claims, demanding evidence for the allegations of manipulation and asserting that the reasoning of short sellers is transparent [3]. - Chanos has been critical of Bitcoin treasury firms, likening their current market conditions to the speculative environment of the 2021 SPAC boom [3][4]. Financial Strategy - Chanos criticizes Strategy's approach to reinventing the corporate bond market with Bitcoin-backed preferred stock, labeling it as "complete financial gibberish" [4]. - The company's strategy involves issuing perpetual yield instruments to acquire more Bitcoin, while suggesting that investors should value the business based on both the net value of Bitcoin holdings and the anticipated growth of those holdings over time [4][5].