Coinbase’s Head of Investment Research, David Duong, noted that as the market cycle matures, companies aiming to enhance investor appeal may accelerate merger and acquisition activity across the crypto sector. He highlighted that Digital Asset Treasury (DATs) are likely to undergo institutional consolidation, concentrating assets and operational scale within a limited number of large players.
The recent agreement in which Strive—having re-positioned from asset management to a Bitcoin Treasury model—announced on September 22 that it will acquire Semler Scientific via an all-stock transaction provides a tangible example of this consolidation trend and underscores evolving capital-allocation strategies among DATs.