Semler Scientific Earns Buy Rating from Benchmark, $101 Price Target Reflects Bitcoin Treasury Pivot

Benchmark Initiates Buy Rating on Semler Scientific, Highlighting Bitcoin Treasury Shift as Growth Catalyst

Benchmark has launched coverage on Semler Scientific (SMLR) with a buy rating and a price target of $101, emphasizing the company’s strategic transition from medical diagnostics to focusing on bitcoin treasury accumulation.

Semler, formerly known for its chronic disease detection business, announced in May 2024 that it would shift its treasury reserves primarily into bitcoin, becoming the second U.S.-listed company after Strategy (MSTR) to adopt this approach.

Since the announcement, Semler has accumulated approximately 4,636 BTC at an average cost of about $92,753 per bitcoin, totaling an investment of around $430 million.

Following this pivot, Semler’s stock rose 178% within six and a half months, peaking at $81.56 in December 2024. Despite this gain, the stock still trades at a discount compared to peers with similar bitcoin holdings.

Benchmark notes that Semler’s net asset value multiple (mNAV) stands at 1.25, significantly lower than Japan’s Metaplanet at 4.29 and France’s Blockchain Group at 6.45.

The company has set ambitious bitcoin accumulation targets: 10,000 BTC by the end of 2025, 42,000 BTC by 2026, and 105,000 BTC by 2027, supported by recent leadership additions such as Joe Burnett as Director of Bitcoin Strategy.

Benchmark also points out that resolving legal and regulatory issues stemming from Semler’s legacy healthcare operations could unlock additional value.

The $101 price target is based on a sum-of-the-parts valuation, assuming bitcoin reaches $225,000 by the end of 2026.