Bitcoin-Rich, Price-Poor: Semler Scientific’s Stock Lags Behind Treasury Value
Semler Scientific (SMLR) has become a curious case in the bitcoin treasury space — its stock now trades at a discount to its BTC holdings, even as crypto markets firm up.
With a market cap near $420 million and 4,449 BTC valued around $491 million, the company’s multiple-to-net-asset value (mNAV) has fallen to 0.859x, per Strategy-Tracker. That gap puts Semler in a tight spot: it can no longer issue new shares to fund further bitcoin buys without diluting shareholders.
This disconnect hasn’t gone unnoticed. Fundstrat’s Tom Lee, known for spotting underpriced plays, recently added Semler to his “Granny Shot” portfolio — a collection of offbeat opportunities that often fly under the radar. “It’s rare to see a publicly traded BTC holder valued less than its assets,” Lee noted, suggesting market inefficiency rather than structural weakness.
Unless sentiment improves or share price corrects, Semler’s accumulation strategy may remain sidelined — but contrarians are clearly watching.
