Semler Scientific Receives Buy Recommendation from Benchmark, Sets $101 Price Goal Amid Bitcoin Treasury Focus

Benchmark Initiates Buy on Semler Scientific, Citing Bitcoin Treasury Strategy as Growth Driver

Benchmark has started coverage of Semler Scientific (SMLR) with a buy rating and a price target of $101, emphasizing the company’s shift from medical diagnostics to a bitcoin treasury focus.

Semler, known for chronic disease detection, made a notable pivot in May 2024 by allocating its treasury primarily to bitcoin, becoming the second U.S.-listed company to adopt this strategy after Strategy (MSTR).

Since then, Semler has accumulated about 4,636 BTC at an average price near $92,753, investing approximately $430 million.

Following this move, Semler’s stock surged 178% in roughly six and a half months, peaking at $81.56 in December 2024. However, its current valuation remains below peers with similar bitcoin holdings.

Benchmark highlights that Semler’s net asset value multiple (mNAV) is 1.25, compared to 4.29 for Japan’s Metaplanet and 6.45 for France’s Blockchain Group.

The company aims to increase its bitcoin holdings aggressively, targeting 10,000 BTC by the end of 2025, 42,000 by 2026, and 105,000 by 2027. Recent hires, including Joe Burnett as Director of Bitcoin Strategy, support this plan.

Benchmark also notes that resolving legal and regulatory issues tied to Semler’s healthcare legacy could boost its valuation.

The $101 price target assumes bitcoin reaching $225,000 by late 2026, based on a sum-of-the-parts valuation.