Benchmark Initiates Buy on Semler Scientific, Highlights Bitcoin Pivot as Key Growth Catalyst

Benchmark analyst Mark Palmer has launched coverage of Semler Scientific (SMLR) with a buy rating and a $101 price target, spotlighting the company’s strategic shift from medical diagnostics to bitcoin accumulation as a major value driver.

Semler, which focused on chronic disease detection for over 15 years, made headlines in May last year by adopting bitcoin as its primary treasury reserve asset. This move positioned Semler as only the second U.S.-listed company—after Michael Saylor’s Strategy (MSTR)—to embrace bitcoin in its treasury.

Since that announcement, Semler has amassed approximately 4,636 BTC at a total cost of $430 million, with an average acquisition price near $92,753 per bitcoin.

Palmer pointed out that Semler’s stock surged 178% within six and a half months following its bitcoin strategy reveal, reaching a peak of $81.56 in December 2024. Despite this strong rally, he notes that Semler’s shares still trade at a significant discount compared to peers with bitcoin treasury holdings.

The company’s net asset value multiple (mNAV) currently stands at 1.25, substantially lower than Japan’s Metaplanet at 4.29 and France’s Blockchain Group at 6.45.

Benchmark anticipates that this valuation gap could narrow, particularly as Semler recently appointed Joe Burnett as Director of Bitcoin Strategy and set ambitious BTC accumulation goals: 10,000 BTC by the end of 2025, 42,000 by the end of 2026, and 105,000 by the close of 2027.

The report also highlights that resolving ongoing legal and regulatory challenges stemming from Semler’s legacy healthcare operations—such as a Department of Justice investigation and uncertainties around Medicare reimbursements—could further boost its valuation.

Benchmark’s $101 price target is derived from a sum-of-the-parts analysis, assuming bitcoin’s price climbs to $225,000 by the end of 2026.

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