The recent wave of companies adding bitcoin to their balance sheets has not given universally positive results. Semler Scientific (SMLR), a medical technology company that spilled in Bitcoin Treasury’s strategy, saw its stock fall by almost 50% in 2025 to almost the level it was a little over a year when it started to accumulate BTC.
The company’s bonus at its active value (NAV), often called multiple to Nav (MNAV), fell below 1x. According to Bitcoin Holdings, its market capitalization is around $ 420 million compared to Bitcoin holdings worth around $ 491 million (4,449 BTC), which puts its NAV ratio at only 0.859X, according to Strategy Tracker.
The MNAV being below 1.0 is crucial, because the main mechanism of sowing for the accumulation of Bitcoin is to increase the capital via sales of action. However, for the actions sales strategy to be accretal to shareholders, the action must be negotiated at a value greater than the value of the company’s Bitcoin holdings. With the course of action at the level or below the NAV, the issue of new actions would dilute existing shareholders without adding proportional value, effectively interrupting the company’s capacity to pursue the accumulation of Bitcoin within the framework of the current strategy.
Bitcoin Bull Tom Lee, research manager at Fustratt, however considers Semler Scientific as an opportunity in the “Granny Shot Shing” research portfolio of his business. Granny Shot refers to an unconventional way to pull free throws from the basketball basketball portfolio and Fundstrat, the Granny portfolio) is intended to highlight the unusual approach to the company’s search.
