Semler Scientific, a medical tech company dabbling in the digital currency realm, has had a rocky ride in 2025. The firm’s unexpected pivot towards a bitcoin treasury strategy has seen its stock plummet nearly 50% this year, as it edges back to levels last seen a little over a year ago. This comes as a sobering reminder that the path to integrating cryptocurrency into traditional business models isn’t always paved with gold—or digital coins, for that matter.
A Peculiar Situation
Semler’s market predicament is as intriguing as it is precarious. According to Strategy-Tracker, the company’s premium to its net asset value (NAV)—known in the financial vernacular as multiple-to-NAV (mNAV)—has tumbled below the 1x threshold, settling at a worrying 0.859x. To put it simply, Semler’s market cap of around $420 million is overshadowed by its bitcoin holdings, valued at approximately $491 million, or 4,449 BTC. This imbalance raises eyebrows about the sustainability of its current strategy. As explored in our recent coverage of Semler’s bitcoin acquisitions, the company’s holdings have been nearing $472 million, highlighting the aggressive nature of their strategy.
Here’s the twist: Semler’s modus operandi for amassing bitcoin involves raising capital through share sales. But with the stock trading at or below NAV, this strategy hits a snag. Issuing new shares under these conditions would dilute existing shareholders’ stakes without delivering equivalent value—effectively stalling Semler’s bitcoin accumulation.
Enter the ‘Granny Shot’
Tom Lee, a renowned bitcoin aficionado and Head of Research at Fundstrat, sees a silver lining—or perhaps a golden one—in Semler’s cloud. Lee has earmarked Semler Scientific for his firm’s “Granny Shot” portfolio, a collection of investments characterized by their unconventional nature. Just as a ‘granny shot’ in basketball defies the norm, Fundstrat’s Granny Shot (GRNY) portfolio embraces atypical investment approaches. Lee’s interest suggests that Semler’s current woes might mask underlying potential, at least from a speculative perspective.
“Semler’s situation is unique,” commented Lee. “While the numbers paint a challenging picture, the intrinsic value of their bitcoin holdings and the potential for strategic pivots can’t be ignored.”
The Broader Picture
The turbulence experienced by Semler is not isolated. It’s part of a broader trend where companies across sectors have flirted with bitcoin, only to find that the cryptocurrency’s volatility can be a double-edged sword. As more firms explore digital assets, the lessons from Semler’s journey become increasingly pertinent. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
The cryptocurrency market, with its notorious swings, requires not just a willingness to innovate but also a robust risk management framework. Semler’s experience underscores the necessity of a strategic alignment between market conditions and corporate actions. The company’s struggle to maintain a premium mNAV while pursuing bitcoin accumulation is a case study in the complexities and risks of such financial maneuvers.
What Lies Ahead?
As we look to the future, Semler’s next moves will be closely watched by investors and market analysts alike. Can the company recalibrate its strategy to regain investor confidence and leverage its bitcoin holdings effectively? Or will it continue to be a cautionary tale for others eyeing similar paths?
For now, Semler’s journey is emblematic of the unpredictable interplay between traditional business operations and the digital currency frontier. As Tom Lee and others keep a close eye on developments, the story serves as a reminder of the high stakes—and potential rewards—of embracing the crypto revolution.
Source
This article is based on: Tom Lee Mulls Roughed-Up Semler Scientific for ‘Granny Shot’ Portfolio
Further Reading
Deepen your understanding with these related articles:
- Semler Scientific boosts Bitcoin reserve with $20M BTC top-up
- Early Twitter Investor Builds $100 Million Bitcoin Treasury for Public Healthtech Company
- Norwegian crypto platform spikes 138% on Bitcoin treasury plan
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.
