Bitcoin was built to remove the need for trusted intermediaries, yet many institutions holding BTC still rely on opaque disclosures and trust-based assumptions. This article argues that Bitcoin treasury companies should adopt verifiable Proof of Reserves as a standard, outlines the risks of unproven holdings, draws lessons from gold’s paper markets, and explains what meaningful PoR should include for shareholders, boards, and public companies.

KULR Technology Group announced that it has joined the Bitcoin for Corporations initiative launched by Strategy and Bitcoin Magazine, while also increasing its bitcoin treasury by $13 million to a total of 920 BTC. The company said its average acquisition price is $98,760 per bitcoin, with total investment reaching $91 million.

On September 22, 2025, Strive, Inc. (Nasdaq: ASST) announced a definitive all-stock agreement to acquire Semler Scientific, Inc. (Nasdaq: SMLR), marking one of the earliest major consolidations between publicly traded Bitcoin treasury companies. The transaction offers Semler shareholders a 210% premium, with each Semler share converting into 21.05 Strive Class A shares. At the same time, Strive disclosed the purchase of 5,816 BTC for $675 million at an average price of $116,047 per Bitcoin, bringing its standalone treasury to 5,886 BTC and positioning the combined company to hold more than 10,900 BTC after closing. The deal is notable not just for scale, but for strategic design. Unlike Strategy’s debt-led accumulation model, Strive says it plans to finance future Bitcoin purchases exclusively through perpetual preferred equity, aiming to reduce refinancing risk and avoid the fragility associated with debt maturities in volatile markets. The article also explores why the BFC connection matters, how Semler’s profitable diagnostics business and FDA-cleared QuantaFlo platform add optionality beyond treasury assets, and why the 210% premium may influence future valuation frameworks for Bitcoin treasury companies. More broadly, the merger suggests that corporate Bitcoin adoption is evolving from isolated balance-sheet experimentation into a more mature phase shaped by capital structure innovation, M&A, governance design, and competition around Bitcoin-per-share growth.

On September 22, 2025, Strive, Inc. (Nasdaq: ASST) and Semler Scientific, Inc. (Nasdaq: SMLR), both members of the Bitcoin For Corporations (BFC) network, announced a landmark all-stock transaction that may reshape how public companies build and scale Bitcoin treasury strategies. Under the deal, Semler shareholders receive a 210% premium, exchanging each Semler share for 21.05 Strive Class A shares. At the same time, Strive disclosed the purchase of 5,816 BTC for $675 million at an average price of $116,047 per Bitcoin, lifting its standalone treasury to 5,886 BTC and setting up the combined company to control more than 10,900 BTC after closing. Beyond size, the deal stands out for Strive’s capital model: unlike Strategy’s debt-heavy playbook, Strive says it plans to fund Bitcoin accumulation exclusively through perpetual preferred equity, aiming to reduce refinancing risk and improve balance-sheet durability. The merger also brings in Semler’s profitable diagnostics business, anchored by its FDA-cleared QuantaFlo system, highlighting that a Bitcoin treasury strategy does not require abandoning productive operating businesses. For CFOs, boards, and investors, the transaction signals a broader shift: Bitcoin is moving from a peripheral treasury asset to the foundation of corporate capital formation, M&A strategy, and shareholder value creation.

Bitcoin was created to eliminate the need for trusted intermediaries, but many institutions holding BTC still rely on opaque trust-based assumptions. This article argues that Proof of Reserves (PoR) should be a mandatory standard for Bitcoin treasury companies to align with the 'don't trust, verify' ethos. It examines the risks of rehypothecation, custodial failure, and 'paper Bitcoin,' draws parallels with the gold market's 'paper gold' problem, and highlights Metaplanet's transparent on-chain disclosure. The article outlines key components of a credible PoR framework—custody model transparency, on-chain address disclosure, encumbrance reporting, and regular updates—and calls on shareholders to demand verifiable proof. Early adoption of PoR is positioned as a strategic differentiator that builds trust and attracts institutional capital.

BTC Inc. and Strategy (formerly MicroStrategy) have announced a five-year renewal of their strategic partnership for the Bitcoin for Corporations (BFC) initiative. The partnership now covers 38 member companies holding 69% of all corporate Bitcoin holdings. Executives from both firms expressed strong conviction in accelerating corporate adoption, with plans to expand services across the Americas, Europe, and Asia/Oceania. The renewed agreement provides executive networking, investor relations support, and educational resources tailored for corporate Bitcoin treasury strategies.

BTC Inc. and Strategy Inc. (Nasdaq: STRF/STRC/STRK/STRD/MSTR) have announced a five-year strategic partnership renewal for the Bitcoin for Corporations (BFC) initiative, extending through 2030. BFC currently represents 38 member companies holding 69% of all corporate Bitcoin holdings globally. The renewed agreement strengthens BFC's platform for corporate treasury integration, covering North/South America, Europe, and Asia/Oceania. George Mekhail, Managing Director of BFC, stated 'Hyperbitcoinization is closer than we think,' while Strategy CEO Phong Le emphasized supporting corporate leaders implementing the Strategy Playbook. The partnership includes executive networking, investor relations support, educational resources, and curated programming at Bitcoin events in Las Vegas, Abu Dhabi, Hong Kong, and Amsterdam. The renewal reflects growing institutional confidence in Bitcoin as a treasury reserve asset.

KULR Technology Group, a Bitcoin-first company focused on sustainable energy management, has joined the Bitcoin for Corporations (BFC) initiative, an institutional platform by Strategy and Bitcoin Magazine designed to promote corporate Bitcoin adoption. As an Executive Member, KULR gains access to institutional tools and peer networks. Concurrently, the company increased its Bitcoin treasury by $13 million, bringing total holdings to 920 BTC at an average cost of $98,760 per BTC, with a total investment of $91 million. Year-to-date, KULR’s Bitcoin holdings have yielded a 260% return. CEO Michael Mo and Strategy co-founder Michael Saylor emphasized the long-term value of Bitcoin and the significance of the BFC initiative in accelerating corporate treasury strategies.