Semler Scientific’s shares are trading at a premium relative to its bitcoin holdings for the first time in three weeks, signaling a potential shift in strategy for the company. As of today, the premium, evaluated using the multiple net asset value (mNAV), stands at 1.149. This is a noteworthy change from recent weeks and indicates that market sentiment might be warming up to Semler’s broader business prospects beyond just its cryptocurrency assets.
A Calculated Move?
The mNAV metric, used to compare a company’s market cap—in this case, $550 million—to the value of its bitcoin holdings, currently $477.8 million, has become a critical tool for investors. This metric has shown that Semler’s market cap is finally exceeding its bitcoin holdings, suggesting that the market is attributing additional value to Semler’s operations outside of its cryptocurrency portfolio. Historically, Semler has been cautious in expanding its bitcoin holdings, preferring to purchase more of the digital currency only when it could do so without diluting shareholder value. This cautious approach aligns with their ambitious plans, as detailed in Semler Scientific plans Bitcoin holdings of 105,000 BTC by 2027.
According to crypto analyst Jamie Llewellyn, “Semler has always been strategic about its bitcoin acquisitions. The current premium hints that there could be room—and perhaps reason—for them to add more BTC to their coffers soon, without issuing new shares at a discount.”
Behind the Numbers
Semler’s holdings of 4,449 BTC are significant, yet they fall short of the company’s ambitious year-end target of at least 10,000 coins. The recent mNAV uptick might provide the impetus for Semler to bolster its bitcoin position, but the move also raises questions about how investors are valuing its operational endeavors in the healthcare and biotech sectors. For more on Semler’s strategic goals, see Semler Scientific Targets Hefty Bitcoin Stash Over Next 2 Years.
Despite being the 15th-largest bitcoin treasury company, Semler’s current valuation suggests that investors are placing only a slight premium on its bitcoin, perhaps underappreciating the potential growth from its core business activities. This discrepancy might indicate a market perception that leans heavily on bitcoin’s volatility and potential upside, while underestimating the stability and recurring revenue streams from Semler’s health tech and biotech operations.
Implications for the Future
The premium, albeit modest, might encourage Semler to revisit its strategy. If the market continues to value Semler’s non-crypto businesses more positively, the company might find itself in a position to expand its bitcoin holdings without impacting shareholder equity adversely. This could align with broader industry trends where firms more frequently leverage crypto gains to fuel growth in other sectors.
Yet, some analysts urge caution. “While the premium is promising, it doesn’t fully reflect the intrinsic value of Semler’s operations outside bitcoin,” says financial strategist Alex Mercer. “There’s a potential mispricing here that could be corrected as more investors recognize the value of Semler’s healthcare innovations.”
For Semler, the coming months could be pivotal. Will the company seize this moment to increase its bitcoin holdings, capitalizing on the current premium? Or will it focus on amplifying its core business to drive shareholder value? The market will be watching closely.
As the calendar inches toward the end of June 2025, all eyes are on Semler’s next move. Will they double down on their crypto strategy or pivot toward their biotech roots? Only time will tell, but one thing’s for sure—the stakes have never been higher.
Source
This article is based on: Semler Scientific Trades at Premium to Bitcoin Holdings for First Time in Three Weeks
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
