Benchmark’s Mark Palmer initiated protection of Semler Scientific (SMLR) with a purchase score and a $101 value goal, citing the corporate’s dramatic pivot from medical diagnostics to bitcoin
accumulation as a key worth driver.
Semler, which spent over 15 years targeted on power illness detection, adopted bitcoin as its major treasury reserve asset in Could final yr.
The transfer made it solely the second U.S.-listed agency, after Michael Saylor’s Technique (MSTR), to undertake bitcoin as a treasury reserve asset.
Since then, the corporate has acquired roughly 4,636 BTC for $430 million, with a median value foundation of $92,753 per bitcoin, the report mentioned.
Palmer famous that the inventory rallied 178% within the six and a half months following its Bitcoin Commonplace announcement, peaking at $81.56 in December 2024. Nevertheless, the analyst argued that Semler nonetheless trades at a steep low cost in comparison with bitcoin treasury friends.
Its a number of of web asset worth (mNAV) sits at 1.25, in comparison with 4.29 for Japan-based Metaplanet (3350) and 6.45 for France’s Blockchain Group (ALTBG), the analyst famous.
Benchmark believes this hole might shut. Administration just lately appointed Joe Burnett as Director of Bitcoin Technique and outlined daring BTC accumulation targets: 10,000 BTC by finish of 2025, 42,000 by finish of 2026, and 105,000 by finish of 2027.
The report notes that resolving authorized and regulatory headwinds from Semler’s legacy healthcare enterprise, together with a Division of Justice (DOJ) investigation and Medicare reimbursement uncertainties, might assist raise its valuation additional.
Benchmark’s $101 value goal relies on a sum-of-the-parts valuation that assumes bitcoin will hit $225,000 by year-end 2026.
Learn extra: Semler Scientific Trades at Premium to Bitcoin Holdings for First Time in Three Weeks