Is the Bitcoin strategy a cure-all? Semler Scientific's stock price has fallen nearly 50% this year.

Gate News bot message, the adoption of Bitcoin strategies by enterprises does not seem to be a panacea – although the medical technology company Semler Scientific (SMLR) has shifted to a Bitcoin financial strategy, its stock price fell nearly 50% in 2025, almost returning to the level it was at when it first began accumulating Bitcoin over a year ago.

The company's price-to-earnings ratio to its net asset value of (NAV) (commonly referred to as the mNAV multiple) has fallen below 1x. According to Strategy-Tracker, its market capitalization is about $420 million in terms of base shares, while its Bitcoin holdings are worth about $491 million (4,449 BTC), and its net asset value ratio is only 0.859x.

Since Semler's main mechanism for increasing Bitcoin holdings is to raise funds by selling shares, it is crucial that the mNAV is below 1.0. However, for the stock sale strategy to enhance shareholder equity, the trading price of the stock must be higher than the value of the Bitcoin held by the company. If the stock price is equal to or below the NAV, issuing new shares will dilute the equity of existing shareholders without proportionately increasing value, thereby effectively hindering the company's ability to further increase its Bitcoin holdings under the current strategy.

However, Fundstrat Research Director and Bitcoin bull Tom Lee believes that Semler Scientific is an opportunity option in his company's "Granny shot" research portfolio.

Source: CoinDesk