Strive (ASST) announced an all-stock deal to acquire Semler Scientific (SMLR), marking the first merger of publicly traded bitcoin treasuries. The move is part of a consolidation wave among Digital Asset Treasury (DATs), with Strive set to create a new company holding nearly 11,000 BTC. This strategy aims to boost bitcoin per share and drive growth efficiently.

Another evolution path for DATs involves acquiring cash-flowing businesses to fund ongoing BTC purchases. Metaplanet, Japan’s largest bitcoin holder, plans to use its treasury for acquisitions. Perpetual preferred stock and direct mergers with legitimate businesses are also seen as effective growth strategies for the evolving DATs.

The bottom line is that DATs need to evolve and get creative with their growth strategies. Companies like FRNT Financial are already entering consulting agreements with DATs to evaluate lending opportunities for their growth phase. The trend of consolidation, acquisition of profitable businesses, and alignment with established operators will shape the next phase of DATs’ evolution.

Read more at Yahoo Finance: How DATs Are Plotting the Next Growth Phase