The recent wave of companies that add Bitcoin to their balance has not produced universally positive results. Semler Scientific (SMLR), a medical technology company about the Bitcoin Treasury strategy, has seen its stock fall over almost 50% in 2025 to almost the level it was just over a year ago when it first started to accumulate BTC.
The company’s prize to its net worth (NAV), often called several to NAV (MNAV), has fallen below 1x. On a base counting basis, its market capital is approximately $ 420 million compared to Bitcoin stocks that valued around $ 491 million (4,449 BTC), which sets its NAV ratio of only 0.859x, according to strategy tracker.
MNAV, which is below 1.0, is crucial, as Semler’s most important mechanism for accumulation of Bitcoin is to raise capital via stock sales. However, in order for the share -sales strategy to be accrete for the shareholders, however, the share must trade with a premium for the value of the company’s Bitcoin stocks. With the share price of or under NAV, issuing new shares would dilute the existing shareholders without adding proportional value and effectively stop the company’s ability to pursue further Bitcoin accumulation under the current strategy.
However, Bitcoin Bull Tom Lee, head of research at Fundstrat, considers Semler Scientific as an opportunity in his company’s “Granny Shot” research portfolio. Granny Shot refers to an unconventional way of shooting free throw in basketball and Fundstrat’s Granny Shot (Gren) portfolio is intended to emphasize the company’s unusual approach to research.
