SEMLER Scientific actions (SMLR) Closed at $ 32.06, well below the implicit implicit value of $ 86.30 in its acquisition of all stocks announced by Strive (ASST)A reference analyst Mark Palmers, Mark Palmers, reflects both skepticism and the opportunity in the wave of mergers and acquisitions of Bitcoin Treasury emerging.
Palmer reiterated his purchase rating on Semler while reducing his lens to share on the share to $ 86, going from $ 101 to reflect the terms of the Strive Agreement.
The fixed exchange ratio, 21.05 Strive shares per share of Semler, suggests a lucrative arbitration gap for investors, in particular with the two councils having approved the agreement. Palmer said the market could underestimate the long-term implications for the consolidation of heavy bitcoin balance sheets under a single business roof.
Strive, who recently revealed that he has 5,886 Bitcoin, would add 5,021 BTC to Semler for 10,907 combined tokens, enough to classify the twelfth among public companies holding cryptocurrency, the monitoring strategy only, noted the report.
Above all, the merger gives a scale not only of crypto reserves, but also to the ownership of the diagnostic activity of sowing, which it intends to monetize or relax after the conclusion of the agreement, said Palmer. This base of cash flow assets can give more flexibility to Purs de Bitcoin cash games.
The transaction marks the first major decision in what Benchmark believes will become a wider wave of Bitcoin cash mergers in stock. By taking advantage of its own equity, Strive seems to capture the BTC at favorable prices, using a “favorite capital-investment lever model” which avoids the risk of typical maturity and margin associated with debt-based strategies.
However, risks remain. The agreement depends on an effective S-4 registration and the approval of the shareholders of Semler. Any net drop in Strive or the price of Bitcoin before the vote could put pressure on the conditions of transmission. “If the course of Strive’s action weakens considerably in the vote, the implicit value for SMLR decreases, perhaps inviting the renegotiation pressure or the widening of the arb haircut,” added the report.
SMLR shares are higher from 2.5% pre-market to $ 32.86. ASST is 4.9% lower than $ 3.90.
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