Tom Lee Considers Semler Scientific for Unique Investment Strategy

What You Need to Know

Semler Scientific has suffered almost a 50% decline this year, even with bitcoin experiencing significant gains.
The company’s share price now trades at 0.859x its bitcoin net asset value (NAV), hindering its capacity to raise capital through share sales for further bitcoin purchases.
Fundstrat’s Tom Lee maintains a positive outlook, suggesting Semler as a viable investment, likening it to a ‘granny shot’ strategy in the firm’s research portfolio.

The current trend of companies incorporating bitcoin into their financial strategies has not yielded uniformly favorable outcomes. Semler Scientific (SMLR), a medical tech firm that shifted towards a bitcoin treasury model, has seen its stock plunged by nearly 50% in 2025, reverting to levels last observed about a year ago when it began accumulating BTC.

The company’s NAV premium has fallen below 1, complicating the fundraising through share sales that is essential for augmenting their bitcoin reserve. Currently, Semler’s market cap sits around $420 million while its bitcoin assets are estimated at $491 million (4,449 BTC), resulting in a NAV ratio of just 0.859x, as reported by Strategy-Tracker.

Further Implications

Having a mNAV below 1.0 is critical because Semler relies primarily on capital from share offerings to accumulate bitcoin. For these transactions to benefit shareholders, the price must exceed the actual value of the company’s bitcoin holdings. If shares are issued at or below NAV, it dilutes the value for existing investors without a corresponding increase in assets, effectively stalling the company’s bitcoin growth strategy.

However, Tom Lee from Fundstrat views Semler Scientific as an investment opportunity within their unconventional ‘granny shot’ portfolio. This term refers to a non-traditional approach in sports, emphasizing Fundstrat’s unique analytical methods in research.