The Hurdle Rate Podcast Episode 28 - The M&A Era has Begun
19 snips
Sep 23, 2025 
In this discussion, Joe Burnett, a member of the Semler team with expertise in Bitcoin treasury strategy, shares insights on the recent Strive-Semler merger. He highlights the cultural fit between the teams and how this strategic move harnesses Bitcoin for long-term capital allocation. The conversation dives into how in-person events, like the NYC Unconference, catalyzed the acquisition talks. Joe also emphasizes the importance of maintaining a long-term mindset in Bitcoin investments and the shift toward perpetual preferred equity for sustainable financing.
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How The Merger Sparked In Person
- Matt Cole recounts Strive's rapid merger with Semler, possibly the fastest public-company acquisition after IPO in US markets.
- He credits in-person momentum, aligned teams, and shared Bitcoin ambition for the deal's speed and fit.
Scale Multiplies Capital Options
- Consolidation can amplify access to capital markets and lower costs for Bitcoin treasury firms.
- Combining Bitcoin stacks makes institutional offerings like preferred equity more feasible and credible.
From Research Collaboration To Joining Strive
- Joe Burnett describes his path from Unchained to collaborating on research with Strive and then joining post-transaction.
- He emphasizes excitement about joining a board aligned to Bitcoin as a hurdle rate.