Data checked
2026-01-20
Equity data is a dated snapshot. Prices and NAV move intraday.
BTC EquityMedical Devices / BTC TreasurySMLRNasdaq Capital Market (inactive after Strive acquisition)
Semler Scientific, Inc.
A former Nasdaq medical-device bitcoin treasury company now owned by Strive.
5.0/10Overall score = 6.1*25% + 5.8*20% + 4.5*15% + 5.5*15% + 4.0*10% + 1.0*10% + 5.5*5% = 5.0. NAV premium/discount and BTC-per-share use last independent SMLR market data and are historical because SMLR was acquired by Strive in January 2026.
Key Metrics
NAV Premium / Discount
-19.37%
Market cap: $310.8M vs BTC value: $385.4M
BTC per Share
₿0.00033016
₿5,048 total BTC held
Market Cap
$310.8M
Nasdaq Capital Market (inactive after Strive acquisition)
Share Price
$20.32
Nasdaq Capital Market (inactive after Strive acquisition)
Avg Daily Volume
$12.3M
Liquidity: low
Shares Outstanding
15,290,000
Float: 15,160,000
Total Debt
$116.4M
D/E ratio: 0.25
Revenue (TTM)
$37.0M
Medical-device and software company focused on QuantaFlo, a …
Leverage Ratio
0.3021
Debt / BTC market value
Score Breakdown
Methodology: Overall score = 6.1*25% + 5.8*20% + 4.5*15% + 5.5*15% + 4.0*10% + 1.0*10% + 5.5*5% = 5.0. NAV premium/discount and BTC-per-share use last independent SMLR market data and are historical because SMLR was acquired by Strive in January 2026.
View full scoring methodology →Dilution & Share Structure
moderate dilution15,290,000 shares outstanding
Before the Strive acquisition, Semler used an ATM program and convertible notes to finance BTC purchases, increasing shares outstanding materially in 2025. SMLR stopped trading independently after the January 2026 acquisition.
Leverage & Debt
Total Debt
$116.4M
Debt-to-Equity
0.25
Leverage Ratio
0.3021
Semler issued $100 million of 4.25% convertible senior notes due 2030 and also arranged a Coinbase Credit loan. Strive later announced retirement or exchange activity for most assumed Semler debt after closing the acquisition.
Operating Business
Revenue (TTM)
$37.0M
CEO
Doug Murphy-Chutorian
Medical-device and software company focused on QuantaFlo, a rapid point-of-care blood flow test used in peripheral arterial disease assessment.
Liquidity
Avg Daily Volume
$12.3M
Bid-Ask Spread
0.50%
Liquidity Tier
low
Management & Capital Allocation
CEO
Doug Murphy-Chutorian
Management Score
5.5/10
Semler adopted BTC as its primary treasury reserve asset and accumulated over 5,000 BTC, but the independent equity ceased trading after Strive acquired the company.
Highlights
- +Semler was an early U.S. public adopter of a BTC treasury strategy outside the software sector.
- +Held 5,048.1 BTC at the time Strive shareholders approved the acquisition.
- +Operating subsidiary gives exposure to a real medical-device business, not only BTC holdings.
Considerations
- !SMLR is no longer an independently traded Nasdaq common equity (delisted January 20, 2026 after the Strive acquisition).
- !Historical equity metrics are not directly investable after the Strive acquisition.
- !Legacy debt, DOJ settlement costs, and business monetization plans complicate standalone comparisons.
Best for
Historical comparison of smaller BTC treasury equities and acquisition outcomes; current investors should evaluate Strive rather than inactive SMLR common stock.
Evidence
Why trust this view
Verification
Sources
5 cited
Each data point is traced back to a named source listed below.
How we score
Equity methodology
Open the scoring rules before relying on a ranking.
Boundary
Not investment advice
Pledge provides comparison data for educational purposes only.
Sources
verifiedOfficial
Strive and Semler shareholder approval release
Official release states Semler shareholders approved the acquisition and that Strive would acquire Semler Scientific with 5,048.1 BTC.
https://investors.strive.com/news-events/news-releases/news-details/2026/Strive-Inc--Nasdaq-ASST-and-Semler-Scientific-Nasdaq-SMLR-Announce-Shareholder-Approval-for-Acquisition-of-Semler-Scientific/default.aspx ↗verifiedOfficial
Strive acquisition completion release
Official release confirms completion of the Semler acquisition on January 16, 2026 and describes Semler as a former Nasdaq BTC treasury medical-device company.
https://investors.strive.com/news-events/news-releases/news-details/2026/Strive-Announces-the-Completion-of-Semler-Scientific-Acquisition/default.aspx ↗verifiedOfficial
Semler Q2 2025 financial results
Official Semler release discloses BTC purchases, 5,021 BTC held by July 31, 2025, ATM proceeds, and convertible-note financing context.
https://ir.semlerscientific.com/news-releases/news-release-details/semler-scientificr-reports-second-quarter-2025-financial-results ↗partialMarket Data
StockAnalysis SMLR statistics
Market-data snapshot used for historical market capitalization, shares outstanding, float, debt, revenue TTM, and inactive/delisted status.
https://stockanalysis.com/stocks/smlr/statistics/ ↗verifiedSEC Filing
SEC Strive/Semler 8-K exhibit
SEC-filed exhibit repeats the shareholder approval release, including Semler BTC holdings, merger context, convertible notes, and Coinbase loan references.
https://www.sec.gov/Archives/edgar/data/1920406/000162828026001928/a991-strivexsmlrandbtcupda.htm ↗Notes
DELISTED / HISTORICAL: Semler was acquired by Strive (merger completed January 16, 2026; Nasdaq suspension effective January 20, 2026; each SMLR share converted into 21.05 Strive Class A shares). SMLR no longer trades and is not investable; the live successor entity is Strive (Nasdaq: ASST). Market cap, shares, volume, btcMarketValue, and NAV premium/discount are FROZEN last-independent-trading snapshots and are intentionally NOT recomputed to the current June 2026 BTC reference price (mixing a January market cap with a June BTC price would be misleading). Retained for historical comparison only. Not investment advice.
Not investment advice. Pledge provides comparison data for educational purposes only. This snapshot was checked 2026-01-20. Past performance does not guarantee future results.
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NAV estimates. NAV per share calculations use a reference BTC price and may not reflect all corporate assets, liabilities, debt, taxes, or operating costs.
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Not investment advice. Pledge provides comparison data for educational purposes only; it is not financial, investment, legal, or tax advice. Listed rates, terms, and scores can change and Pledge does not guarantee future availability, pricing, approval, or outcomes. Verify current terms with official sources before acting.
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