On June 26, 2025, Semler Scientific's multiple net asset value (mNAV) rose above 1, reaching 1.149, indicating it is now trading at a premium to its bitcoin holdings for the first time since June 5. With a market cap of $550 million versus $477.8 million in BTC assets, this shift suggests renewed investor confidence and may pave the way for the company to increase its bitcoin stash. Semler has not made any BTC purchases since June 3 and currently holds 4,449 coins, significantly short of its year-end target of at least 10,000 BTC. Historically, the company has chosen to expand its bitcoin holdings only when it can do so without issuing new shares at a discount, preserving the value for existing shareholders. The current pricing hints that investors might be undervaluing Semler's contributions from its healthcare and biotech sectors, primarily focusing on its bitcoin assets instead.

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