According to the Gate News bot, corporate adoption of bitcoin strategies does not seem to be a panacea — although medical technology company Semler Scientific (SMLR) has shifted to a bitcoin financial strategy, its stock price is down nearly 50% in 2025, almost back to where it was when it first started adding to bitcoin more than a year ago. The company's price-to-earnings ratio to its net asset value of (NAV) (commonly referred to as the mNAV multiple) has fallen below 1x. According to Strategy-Tracker, its market capitalization is about $420 million in terms of base shares, while its Bitcoin holdings are worth about $491 million (4,449 BTC), and its net asset value ratio is only 0.859x. Since Semler's primary mechanism for increasing its Bitcoin holdings is to raise capital through the sale of shares, it is crucial that the mNAV is below 1.0. However, for a stock sale strategy to increase shareholder equity, the stock must trade at a price higher than the value of the company's Bitcoin holdings. If the share price is at or below NAV, the issuance of new shares will dilute the equity of existing shareholders without a proportional increase in value, effectively hindering the company's ability to further increase its holdings of Bitcoin under the current strategy.