Viant Technology Could Benefit from Adopting Bitcoin Treasury, Says Semler

Eric Semler, chairman of Semler Scientific (SMLR), believes that Viant Technology (DSP) could unlock significant value for shareholders by embracing a Bitcoin treasury strategy. This follows Semler’s own company’s successful adoption of a Bitcoin-buying policy.

Viant joins Zoom Communications (ZOOM) and Coursera (COUR) on Semler’s “Zombie Zone” list—companies that have considerable untapped capital but lack the right strategic direction to fully capitalize on it. Neither Zoom nor Coursera acted on Semler’s earlier suggestions.

In a post on X, Semler pointed to Viant’s declining stock performance as a clear signal of investor uncertainty about the company’s future growth. The company’s stock has fallen 44% since its IPO in 2021, including a 50% drop in just February of this year.

Despite this, Viant remains in a strong financial position, with $205 million in net cash, accounting for about 25% of its $900 million market cap. The company also generated $34 million in free cash flow in 2024 and anticipates steady growth through 2028.

However, Viant faces stiff competition from industry giants like Google and Amazon, coupled with the increasing commoditization of demand-side platforms. Co-founder Chris Vanderhook has shown a keen interest in decentralized technologies, including cryptocurrency, blockchain, and NFTs, as part of his vision for a more open digital economy, which he has described as a “New Open Web.”