Strive Asset Management and Semler Scientific have merged to form the first combined Digital Asset Treasury (DAT), holding over 10,900 Bitcoin. This landmark merger has sparked debate over the valuation of such entities. Greg Cipolaro, head of research at NYDIG, criticized the use of market-cap-to-Bitcoin ratios (mNAV) for valuing these firms, arguing that it fails to account for other assets, operating businesses, and risks from convertible debt.