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 just about the extent it was at a bit multiple 12 months in the past when it first started to build up BTC.
The corporate’s premium to its internet asset worth (NAV), also known as 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, based on Strategy-Tracker.
The mNAV being beneath 1.0 is essential as Semler’s major mechanism for accumulating bitcoin is to boost capital by way of share gross sales. Nonetheless, 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 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 an opportunity in his agency’s “Granny shot” research 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 strategy to analysis.