The recent wave of companies that add Bitcoin to their balances has not yielded universally positive results. Semler Scientific (SMLR), a medical technology firm that turned in the Bitcoin Treasury strategy, has seen that its actions fall in almost 50% in 2025 to almost the level that was in a little more than a year when BTC began to accumulate.
The company’s premium at its net asset value (NAV), often called Multiple to NAV (MNAV), has fallen below 1x. According to Bitcoin Holdings, in a basic shares counting base, its market capitalization is at approximately $ 420 million compared to Bitcoin Holdings valued around $ 491 million (4,449 BTC), which puts its Christmas ratio in just 0.859x, according to the monitoring of strategies.
The MNAV below 1.0 is crucial since Semler’s main mechanism to accumulate Bitcoin is to raise capital through shares of shares. However, so that the strategy of sale of shares is accumulated for shareholders, the shares must negotiate with a premium to the value of the company’s Bitcoin holdings. With the price of the action in or below NAV, the issuance of new shares would dilute existing shareholders without adding a proportional value, effectively stopping the company’s capacity to obtain a greater accumulation of Bitcoin under the current strategy.
Bitcoin Bull Tom Lee, Chief of Research of Fundstrat, however, sees Semler Scientific as an opportunity in the “Granny Shout” research portfolio of his company. Granny Shot refers to an unconventional way to shoot free throws in basketball and the Granny Shot (GRNY) portfolio of Fundstrat is destined to emphasize the unusual approach to the company’s research.
