Benchmark Initiates Buy Rating on Semler Scientific, Highlighting Bitcoin Treasury Pivot as Key Growth Catalyst
Benchmark analyst Mark Palmer has initiated coverage of Semler Scientific (SMLR) with a buy rating and a $101 price target, emphasizing the company’s strategic pivot from medical diagnostics to bitcoin treasury accumulation as a major driver of future growth.
Semler, originally focused on chronic disease detection, announced in May 2024 that it would allocate its treasury primarily to bitcoin, making it the second U.S.-listed company after Strategy (MSTR) to adopt such a strategy.
Since then, Semler has acquired approximately 4,636 BTC at an average price near $92,753, investing about $430 million in total.
Following this announcement, Semler’s stock surged 178% over six and a half months, peaking at $81.56 in December 2024. Despite this rally, the company’s valuation remains significantly discounted compared to peer firms with bitcoin holdings.
Benchmark notes Semler’s net asset value multiple (mNAV) is 1.25, compared to 4.29 for Japan’s Metaplanet and 6.45 for France’s Blockchain Group.
Semler aims to boost its bitcoin holdings to 10,000 BTC by the end of 2025, 42,000 BTC by 2026, and 105,000 BTC by 2027, supported by recent hires including Joe Burnett as Director of Bitcoin Strategy.
Benchmark also highlights that resolution of ongoing regulatory and legal challenges related to Semler’s healthcare legacy could unlock further value.
The $101 price target assumes bitcoin reaches $225,000 by the end of 2026, based on a sum-of-the-parts valuation.
