Semler Scientific Lands on Tom Lee’s Radar for Low-Risk ‘Granny Shot’ Portfolio

Semler Scientific Trades at Discount to Bitcoin Holdings, Drawing Interest From Contrarian Investors

Semler Scientific (SMLR), a medical tech firm turned bitcoin treasury play, is now trading at a rare discount to its own crypto assets — a signal that’s catching the eye of opportunistic investors.

The company’s market cap has slipped to roughly $420 million, falling below the $491 million value of its 4,449 BTC reserve, according to Strategy-Tracker data. That puts its multiple-to-net-asset-value (mNAV) at just 0.859x — well under the 1.0 threshold needed to justify further share issuance under its bitcoin accumulation strategy.

Semler had relied on selling equity above NAV to fund its BTC purchases, but that approach stalls when the share price lags behind the company’s actual asset base. Any new issuance now risks diluting shareholders without adding proportional value.

Despite the discount — or perhaps because of it — Fundstrat’s Tom Lee has flagged Semler as a potential upside play, adding it to the firm’s quirky yet data-driven “Granny Shot” portfolio. The strategy targets unconventional bets with overlooked fundamentals, and Semler’s mismatch between price and holdings fits the bill.

Lee believes such valuation gaps rarely persist, especially if bitcoin prices continue to climb and sentiment around corporate BTC treasuries rebounds.