The recent wave of companies adding bitcoin to their balance sheets has not produced universally positive results. Semler Scientific (SMLR), a medical technology company that pivots on Bitcoin’s financial strategy, fell nearly 50% in 2025 to a level almost a year ago when stock prices began accumulating BTC.
The company’s premium for net asset value (NAV), often referred to as NAV (MNAV), by multiple, fell below 1x. According to Strategy Tracker, on a basic She account basis, the market capitalization is around $420 million (4,449 BTC) compared to about $491 million (4,449 BTC), with a NAV ratio of just 0.859 times.
MNAV below 1.0 means that the main mechanism for accumulating Semler’s Bitcoin is raising capital through stock sales. However, for a stock sales strategy to be taxed on shareholders, the stock must trade at the value and premium of the company’s Bitcoin holdings. Issuing new shares along with stock prices below NAV will effectively halt the company’s ability to dilute existing shareholders without adding proportional value and pursue further Bitcoin accumulation based on current strategies.
However, Bitcoin Bull Tom Lee, head of research at Fundstrat, sees Semler Scientific as an opportunity for his company’s “Granny Shot” research portfolio. Granny Shot refers to the unconventional way of shooting free throws in basketball, and the fund strut’s Granny Shot (GRNY) portfolio aims to highlight the company’s unusual approach to research.
