3 days ago
The caller question of companies adding bitcoin to their equilibrium sheets has not yielded universally affirmative results. Semler Scientific (SMLR), a aesculapian exertion steadfast that pivoted into bitcoin treasury strategy, has seen its banal autumn implicit astir 50% successful 2025 to astir the level it was astatine a spot much than 1 twelvemonth agone erstwhile it archetypal began to accumulate BTC.
The company’s premium to its nett plus worth (NAV), often referred to arsenic multiple-to-NAV (mNAV), has dropped beneath 1x. On a basal stock number basis, its marketplace headdress sits astatine astir $420 cardinal compared to bitcoin holdings valued astir $491 cardinal (4,449 BTC), putting its NAV ratio astatine conscionable 0.859x, according to Strategy-Tracker.
The mNAV being beneath 1.0 is important arsenic Semler's main mechanics for accumulating bitcoin is to rise superior via stock sales. However, for the stock merchantability strategy to beryllium accretive to shareholders, the banal indispensable commercialized astatine a premium to the worth of the company’s bitcoin holdings. With the stock terms astatine oregon beneath NAV, issuing caller shares would dilute existing shareholders without adding proportional value, efficaciously halting the company’s quality to prosecute further bitcoin accumulation nether the existent strategy.
Bitcoin bull Tom Lee, Head of Research astatine Fundstrat, however, views Semler Scientific as an opportunity successful his firm's "Granny shot" research portfolio. Granny changeable refers to an unconventional mode of shooting escaped throws successful hoops and Fundstrat's Granny Shot (GRNY) portfolio is meant to stress the firm's antithetic attack to research.
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