On September 22, 2023, corporate treasury activity within the cryptocurrency sector saw a remarkable upswing, driven by digital asset treasury companies (DATCOs) expanding their holdings. Prominent players like Strive and BitMine Immersion took center stage, showcasing a growing trend of institutional adoption in the digital asset space.
In a significant move, Strive announced the addition of over 5,800 Bitcoin to its treasury, bringing its total holdings to 5,886 BTC, valued at approximately $664.5 million at current market rates. Strive’s acquisition comes on the heels of its decision to pursue an all-stock takeover of Semler Scientific, another Bitcoin treasury company that currently holds 5,021 BTC, valued around $451 million. This acquisition is aligned with Strive’s strategic goal of broadening its crypto portfolio and consolidating its Nasdaq presence following a previous merger with Asset Entities.
As part of the agreement, Semler shareholders will receive 21.04 shares of Strive Class A common stock for each Semler share they own. Following the announcement, Strive’s stock traded at $3.93, reflecting a nearly 9% decrease, while Semler’s shares increased by approximately 10% to $32.08.
BitMine Immersion, another noteworthy player, revealed that it now controls over 2.4 million Ethereum (ETH), representing more than 2% of the total circulating supply of around 120.7 million ETH. In addition to its considerable Ethereum stake, BitMine holds 192 BTC, a $175 million investment in Eightco Holdings, and $345 million in cash, amounting to a total of $11.4 billion when combining crypto assets and cash holdings. The company aspires to accumulate 5% of Ethereum’s total circulation. As a point of interest, ETH is trading at $4,172, a drop of about 7% for the day.
Meanwhile, Amber Premium has made its entry into the DAT sector with the launch of a comprehensive platform designed for institutional clients, offering services such as consulting, trading, custody, financing, and compliance. With a growing number of publicly listed companies managing digital assets, currently numbering 179 firms holding over $110 billion in Bitcoin, Amber Premium’s initiative aims to streamline the processes for these institutions. President Vicky Wang emphasized the significance of having an integrated platform, stating, “Instead of clients having to coordinate between different providers, we handle the entire process with consistent compliance and security standards.” Amber Premium’s stock, AMBR, saw an uptick, trading at $4.30, a rise of 9.14% on the day.
In an exciting development within the Solana ecosystem, Fragmetric Labs and DeFi Development Corp. have announced plans to establish Korea’s first Solana-focused DAT, facilitated by the acquisition of an undisclosed publicly listed Korean entity. DeFi Development Corp. is recognized as a leading firm in the Solana space, holding approximately 2,095,748 SOL, which is valued at $226.9 million. The company recently made headlines by acquiring $15 million worth of Solana, further solidifying its commitment to this burgeoning market.
This surge in treasury activity reflects a significant momentum toward corporate investment in cryptocurrencies, as DATCOs treat digital assets not just as speculative investments but as essential components of their long-term financial strategies.
