The current wave of firms including bitcoin to their stability sheets has not yielded universally constructive outcomes. Semler Scientific (SMLR), a medical expertise 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 web asset worth (NAV), sometimes called multiple-to-NAV (mNAV), has dropped beneath 1x. On a fundamental 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 beneath 1.0 is essential as Semler’s primary mechanism for accumulating bitcoin is to lift capital through 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 beneath NAV, issuing new shares would dilute current shareholders with out including proportional worth, successfully halting the corporate’s potential to pursue additional bitcoin accumulation underneath 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 taking pictures free throws in basketball and Fundstrat’s Granny Shot (GRNY) portfolio is supposed to emphasise the agency’s uncommon strategy to analysis.
