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Coinme Acquired by Polygon Labs to Build its Open Money Stack
Coinme Acquired by Polygon Labs to Build its Open Money Stack

Transaction Overview
On January 13th, 2026, Polygon Labs announced it intends to acquire Coinme, a regulated crypto-as-a-service provider. Simultaneously, Polygon also announced the acquisition of Sequence, enabling payment flows across blockchain networks. Both acquisitions help build a fully integrated, rules-compliant stablecoin payments system – Poygon’s Open Money Stack.

Target: Coinme
Founded in 2014 and headquartered in Seattle, Coinme is a U.S.-regulated digital asset payments company offering crypto-as-a-service and stablecoin and crypto payment infrastructure for enterprises, fintechs, wallets, and payment applications.

Coinme is licensed and operates in 48 U.S. states, as well as Puerto Rico, and has built systems designed to handle fiat-to-crypto and stablecoin payments at scale while meeting U.S. regulatory requirements.

Coinme provides capabilities that partners integrate into their products. These capabilities, delivered as a set of APIs or SDKs, include KYC, payments by debit card, bank transfer, or cash, converting between fiat and crypto, trading, and custody, so partners can offer end-to-end crypto and stablecoin features embedded in their own applications.

Coinme also supports a large cash-to-crypto network through partnerships, providing the software and compliance layer that enables cash on-ramps and off-ramps at 50,000+ locations across the U.S.

Coinme serves more than one million users and has processed more than $1.3 billion in total transactions since it launched. Its enterprise customers include Coinstar, Exodus, Mercuryo, Baanx, and Breeze.

Coinme was co-founded by CEO Neil Bergquist and has raised $41M in equity funding from Pantera, Digital Currency Group, Coinstar, Circle, and MoneyGram.

Coinme competitors include: ZeroHash, MoonPay, Bridge | Stripe, Banxa | OSL, and Paxos.

Buyer: Polygon Labs
Polygon was founded in 2017 as Matic Network and is actively undergoing an evolution in its product offering. Polygon Labs, formed in 2023, is responsible for supporting the development of the Polygon ecosystem, with a focus on fast, low-cost blockchain infrastructure for payments.

Polygon is now building the Open Money Stack, an integrated set of services designed to move money instantly and reliably, globally. It combines blockchain settlement on the Polygon network with core payment components like wallets, stablecoin integrations, cross-chain connectivity, and compliance tooling, to keep funds on-chain so they can be used across on-chain financial applications.

To make this work across many different blockchains, Polygon Labs is building AggLayer, a settlement layer meant to help different blockchains connect and exchange value with each other quickly and at low cost, reducing the need for separate, disconnected systems.

Polygon is a listed token with a current fully diluted value of $1.6B. Polygonscan shows more than 6.2 billion total transactions on Polygon. Polygon’s website also points to scale indicators like billions of dollars of stablecoins on the network, millions of transactions per day on average, and monthly payment volume, and describes Polygon as infrastructure that can support “trillions” of value moving through it.

The company was co-founded by Jaynti Kanani, Sandeep Nailwal, Mihailo Bjelic, and Anurag Arjun, and is currently led by CEO Marc Boiron, who was appointed in 2023.

Historically, in 2021, Polygon acquired zero-knowledge cryptography companies Mir and Hermez for $400M and $250M, respectively, but these are no longer aligned with the company’s Open Money Stack vision.

Transaction Parameters
Polygon Labs is acquiring Coinme for an undisclosed amount. In combination with another acquisition, Sequence, simultaneously announced by Polygon today. The combined acquisition value is around $250M. This marks one of the first examples of a protocol acquiring an operating business. The Coinme transaction is expected to close in Q2 2026.

Architect Partners served as the exclusive financial advisor to Coinme.

Notable comparable transactions include OSL | Banxa for $62M (M&A Alert), Nuvei | Simplex for $250M (M&A Alert), Ripple | Rail for $200M (M&A Alert), Stripe | Bridge for $1.1B (M&A Alert), MoonPay | Iron for $100M (M&A Alert), and MoonPay | Helio for $175M (M&A Alert).

Strategic Rationale
Polygon is acquiring Coinme and Sequence to move from being a settlement rail to owning the full experience of how money comes on-chain, moves on-chain, and settles back into the real world. The combination of Coinme’s licensed payments offering with Sequence’s wallet and payments orchestration stack gives Polygon an end‑to‑end, regulated crypto payments platform that spans physical kiosks, embedded wallets, and cross‑chain routing.

On Day 1, Polygon can take this integrated “crypto‑as‑a‑service” solution to banks, PSPs, neobanks, and fintechs who want compliant, turnkey stablecoin and token payments without building their own licensing, infrastructure, or user experience.

Architect Partners’ Observations
This acquisition(s) underscores a broader inflection point in the blockchain protocol market: technological performance and scalability alone will not win. The integration of real-world rails and the ability to deliver end-to-end value for mainstream users are becoming table stakes. As the market matures, competitive advantage is shifting toward owning the commercialization layer, including regulated fiat access, compliance operations, distribution channels, partner integrations, and strong product integration.

Networks that rely entirely on third-party providers risk commoditization, margin leakage, inconsistent user experience, and strategic dependency, just as stablecoins and tokenized products begin to drive meaningful transaction volume and the corresponding revenue opportunities.
Polygon’s actions show they fully understand the importance of this approach.

Sources
Polygon Press Release
Architect Partner M&A Tracker
PitchBook

Alerts

Strive acquires Semler Scientific for $1.42B in all-stock transaction

Steve Payne
September 28th, 2025
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Transaction Overview

On September 22nd, 2025, Strive, a newly emerged bitcoin treasury company and asset manager, announced the acquisition of Semler Scientific, a bitcoin treasury and medical risk assessment services provider, for an equity purchase price of $1.34B and an enterprise value of $1.42B, reflecting a 210% premium to Semler’s Friday September 19 closing price.

 

Target: Semler Scientific

Semler Scientific (Nasdaq: SMLR) is a U.S. crypto-treasury and medical diagnostics company based in Campbell, California. Founded in 2007, it initially focused on medical risk assessment, providing screening programs with peripheral artery disease (PAD) testing, and primarily serving U.S. health insurers, integrated delivery networks and other at-risk providers, independent physician groups, and hospitals. Semler announced its Bitcoin-treasury strategy in May 2024 while continuing to operate its medical services division.

 

Since May 2024, Semler has announced three crypto-treasury financings, including two at-the-market (ATM) programs and one convertible note issuance, totaling $416.1 million. Its Q2 results indicated $84.0 million in Bitcoin gains year-to-date and a 31.3% BTC yield. As of the announcement date, its Bitcoin treasury held 5,021 BTC, valued at approximately $567 million at then market prices on a $476 million cost basis, ranking as the 20th-largest corporate Bitcoin holder.

 

The medical diagnostics division has experienced declining revenue since the prior fiscal year. For FY2024, Semler reported non-Bitcoin revenue of $56.3 million, down 18% year over year. First-half FY2025 revenue was $17.1 million, a 44% decline year over year. Semler has continued to invest in the medical division, including forming CardioVanta in 2025 to pursue early detection of heart failure.

 

Buyer: Strive

Strive (Nasdaq: ASST) is a Dallas-based Bitcoin treasury and asset management company. Founded in 2022, Strive initially focused on asset management and had grown to more than $2.0B AUM across 13 ETFs covering index, energy, thematic, and fixed income strategies by the end of 2024. In May 2025, Strive announced its crypto treasury strategy in parallel with a reverse-merger with Asset Entities, to “create the first publicly listed asset management plus bitcoin treasury company”. Strive became publicly listed on Sep 12, 2025.

 

Since May 2025, Strive has announced three Bitcoin treasury capital initiatives: a $750 million PIPE (with up to an additional $750 million possible via warrant exercises), a $450 million at-the-market (ATM) program, and an intended perpetual preferred equity issuance. 

 

As of the Sept. 22, 2025 announcement, Strive reported 5,886 BTC in its treasury (valued ~$665M at that time). On most public trackers, that level places Strive around the upper-teens among corporate Bitcoin holders; post-merger with Semler, the combined ~10,900 BTC would rank at number 12.

 

Transaction Parameters

Strive is acquiring 100% of Semler Scientific in an all-stock deal valued at about $1.34 billion in equity value. Each SMLR share will be exchanged for 21.05 Strive Class A shares, implying $90.52 per SMLR share, which is about a 210% premium to the prior close. Concurrent with signing, Strive has purchased 5,816 BTC for $675 million (avg. ~$116,047 / BTC), and the combined company will hold over 10,900 BTC. 

 

Post-merger, Strive intends to explore monetizing or distributing Semler’s diagnostics (healthcare) business, which if applying a median multiple of 5x revenue for traditional HealthTech transactions, could involve the gain of ~$215M upon distribution.

 

Strategic Rationale

This transaction combines two of the largest BTC treasury strategies, allowing the combined asset to collectively increase bitcoin per share and thus drive equity value accretion. Furthermore, by combining in an all-equity transaction, Strive is able to avoid any maturity or interest risk from debt-raising.

 

Architect Partners’ Observations

We have been watching and advising digital asset treasury (DAT) companies for months, and Architect data has often been referenced in news articles analyzing this trend. We have noted that the treasury strategy, pioneered by Michael Saylor at Strategy, was easy to copy, and indeed now we track over 200 public players. We have also noted that large premiums to net asset value (mNAV) were unsustainable, and mNAVs have narrowed significantly the past two months. As Matt Levine at Bloomberg has written, consolidation is logical, and this transaction appears to be the first stock-for-stock merger.

 

Two other items are unusual in this case. As mentioned, Semler was trading at a market cap of about $432M (EV of $532M assuming about $100M in debt). This actually reflected a discount to NAV, with an 0.8 mNAV. The value of Semlers’ 5021 BTC was about $567M at last week’s $113k per BTC price.  Semler could have paid off the debt and returned roughly $32 per share, versus last Friday’s closing price of $29.18.

 

But instead Semler accepted an implied price per share of $90.52 per share in Strive shares, a whopping premium of 210% to their last closing price.

 

So how does this make sense for Strive? If the ultimate goal for DAT companies is to increase BTC per share, Strive could have attempted to acquire BTC in the spot market. However, with warrant proceeds effectively inaccessible, an at-the-market offering that would have been punitive at a 3.8x mNAV premium, and preferred stock or debt being slower and riskier against volatile collateral, the most capital-efficient move was to swap premium-valued stock for cheaper NAV. Semler traded near 0.8x mNAV and held materially more BTC per share, so a stock deal was immediately accretive on that metric.

 

This story is not complete yet. Mark Palmer from Benchmark noted on Tuesday that post-announcement, Semler shares only rose to $32, versus an updated acquisition price of $86 (Strive shares dropped about 5% post-announcement). And today, SMLR closed at $28, even below last Friday’s price. This wide spread indicates an unusual amount of skepticism that this transaction will close on announced terms.

 

Sources 

PitchBook, Globe Newswire, PR Newswire, SEC, Architect Partners Insights.