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Bitcoin treasury companies are publicly traded firms that strategically purchase Bitcoin and hold it on their balance sheets, often to align with shareholder interests or signal market positioning.
Semler Scientific has emerged as a critical case study in the Bitcoin treasury sector, with its stock falling nearly 50% year-to-date despite acquiring over 4,400 Bitcoin, pulling its mNAV below 1.0 and prompting widespread scrutiny of the strategy’s sustainability.
The multiple-to-net asset value (mNAV) is a financial ratio that compares a company’s market capitalization to the dollar value of its Bitcoin holdings and helps measure its relative valuation.
The mNAV metric enables investors to determine how much Bitcoin underlies each share, and when a company trades above net asset value, issuing shares can increase Bitcoin per share, whereas trading near or below NAV can lead to shareholder dilution.

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