The latest wave of corporations including bitcoin to their steadiness sheets has not yielded universally optimistic outcomes. Semler Scientific (SMLR), a medical know-how agency that pivoted into bitcoin treasury technique, has seen its inventory fall over almost 50% in 2025 to almost the extent it was at a bit a couple of yr in the past when it first started to build up BTC.
The corporate’s premium to its internet asset worth (NAV), sometimes called multiple-to-NAV (mNAV), has dropped under 1x. On a primary share depend foundation, its market cap sits at roughly $420 million in comparison with bitcoin holdings valued round $491 million (4,449 BTC), placing its NAV ratio at simply 0.859x, in keeping with Technique-Tracker.
The mNAV being under 1.0 is essential as Semler’s foremost mechanism for accumulating bitcoin is to lift capital by way of share gross sales. Nevertheless, for the share sale technique to be accretive to shareholders, the inventory should commerce at a premium to the worth of the corporate’s bitcoin holdings. With the share worth at or under NAV, issuing new shares would dilute current shareholders with out including proportional worth, successfully halting the corporate’s means to pursue additional bitcoin accumulation below the present technique.
Bitcoin bull Tom Lee, Head of Analysis at Fundstrat, nevertheless, views Semler Scientific as a chance in his agency’s “Granny shot” analysis portfolio. Granny shot refers to an unconventional means of capturing free throws in basketball and Fundstrat’s Granny Shot (GRNY) portfolio is supposed to emphasise the agency’s uncommon method to analysis.
