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.
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Is Semler Scientific Flashing a Warning Sign for Bitcoin Treasury Firms?
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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.
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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.
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