Bitcoin treasury companies have never consistently traded below their net asset value, but recent cases like Semler Scientific are approaching that threshold, raising investor concerns about these firms’ ability to sustain premium valuations.

Quotes that support claims

Semler Scientific's mNAV hovered around one on Tuesday. If mNAV falls below one, it becomes harder for a firm to increase Bitcoin per share. The company can still "stabilize value," according to VanEck's Matthew Sigel.

He added that no public company has traded below the net asset value of its Bitcoin for a sustained period, but that Semler Scientific, Inc. (SMLR) ‘is now approaching parity.’