The current wave of firms including bitcoin to their stability sheets has not produced universally constructive outcomes. Semler Scientific (SMLR), a medical expertise firm that pivots on Bitcoin's monetary technique, fell practically 50% in 2025 to a degree virtually a yr in the past when inventory costs started accumulating BTC.
The corporate's premium for web asset worth (NAV), also known as NAV (MNAV), by a number of, fell beneath 1x. In response to Technique Tracker, on a fundamental She account foundation, the market capitalization is round $420 million (4,449 BTC) in comparison with about $491 million (4,449 BTC), with a NAV ratio of simply 0.859 occasions.
MNAV beneath 1.0 is necessary as the principle mechanism for accumulating Semler's Bitcoin is to boost capital by way of inventory gross sales. Nevertheless, for a inventory gross sales technique to be taxed on shareholders, the inventory should commerce on the worth and premium of the corporate's Bitcoin holdings. Issuing new shares together with inventory costs beneath NAV will successfully halt the corporate's means to dilute current shareholders with out including proportional worth and pursue additional Bitcoin accumulation based mostly on present methods.
Nevertheless, Bitcoin Bull Tom Lee, head of analysis at Fundstrat, sees Semler Scientific as a possibility for his firm's “Granny Shot” analysis portfolio. Granny Shot refers back to the unconventional method of capturing free throws in basketball, and the fund strut's Granny Shot (GRNY) portfolio goals to spotlight the corporate's uncommon method to analysis.
