The current wave of corporations including bitcoin to their stability 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 multiple 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 rely 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 fundamental mechanism for accumulating bitcoin is to boost 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 value at or beneath NAV, issuing new shares would dilute present shareholders with out including proportional worth, successfully halting the corporate’s capacity to pursue additional bitcoin accumulation beneath the present technique.
Bitcoin bull Tom Lee, Head of Analysis at Fundstrat, nevertheless, views Semler Scientific as a possibility in his agency’s “Granny shot” analysis portfolio. Granny shot refers to an unconventional manner of capturing free throws in basketball and Fundstrat’s Granny Shot (GRNY) portfolio is supposed to emphasise the agency’s uncommon strategy to analysis.
