3 weeks ago
Benchmark's Mark Palmer initiated sum of Semler Scientific (SMLR) with a bargain standing and a $101 terms target, citing the company’s melodramatic pivot from aesculapian diagnostics to bitcoin (BTC) accumulation arsenic a cardinal worth driver.
Semler, which spent implicit 15 years focused connected chronic illness detection, adopted bitcoin arsenic its superior treasury reserve plus successful May past year.
The determination made it lone the 2nd U.S.-listed firm, aft Michael Saylor's Strategy (MSTR), to follow bitcoin arsenic a treasury reserve asset.
Since then, the institution has acquired astir 4,636 BTC for $430 million, with an mean outgo ground of $92,753 per bitcoin, the study said.
Palmer noted that the banal rallied 178% successful the six and a fractional months pursuing its Bitcoin Standard announcement, peaking astatine $81.56 successful December 2024. However, the expert argued that Semler inactive trades astatine a steep discount compared to bitcoin treasury peers.
Its aggregate of nett plus worth (mNAV) sits astatine 1.25, compared to 4.29 for Japan-based Metaplanet (3350) and 6.45 for France’s Blockchain Group (ALTBG), the expert noted.
Benchmark believes this spread could close. Management precocious appointed Joe Burnett arsenic Director of Bitcoin Strategy and outlined bold BTC accumulation targets: 10,000 BTC by extremity of 2025, 42,000 by extremity of 2026, and 105,000 by extremity of 2027.
The study notes that resolving ineligible and regulatory headwinds from Semler’s bequest healthcare business, including a Department of Justice (DOJ) probe and Medicare reimbursement uncertainties, could assistance assistance its valuation further.
Benchmark’s $101 terms people is based connected a sum-of-the-parts valuation that assumes bitcoin volition deed $225,000 by year-end 2026.
Read more: Semler Scientific Trades astatine Premium to Bitcoin Holdings for First Time successful Three Weeks
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